German industrial conglomerate Siemens AG is planning job cuts "in some business areas or at some locations," its CEO was quoted as telling weekly Welt an Sonntag on Sunday.
Siemens CEO Peter Loescher said that because of the financial crisis, "some parts of our business areas have had a decline of orders by up to 70 percent."
"In this case, one can't just stand on the sidelines and watch," Loescher said, adding that the Munich-based company had to take the necessary steps to react to the crisis.
He did not elaborate where or when the company would lay off employees or how many people would be affected.
"It will take a long time until there will be an expansion of our capacities again, like the one during the boom years of 2007 and 2008," Loescher was quoted as telling the paper.