Recession take on global face, Siemens (SI) to cut 17,000

Posted Jun 28th 2008 5:40AM by Douglas McIntyre
Filed under: General Electric (GE), Employees, Economic Data

So far, the really big industries which have had lay-offs of tens of thousands of people are restricted to the troubled auto, airline, and financial sectors. That is beginning to change as the economic slowdown is become more severe and global.

One of the world's largest conglomerates, Siemens (NYSE: SI) will cut over 17,000 people. According to The Wall Street Journal (subscription required), the plan is "a broad cost-cutting drive amid tougher global economic conditions"

The move speaks volumes. Siemens does business in almost every country in the world. It has operations in the electronics, automation, infrastructure, medical, and transportation industries. Like GE (NYSE: GE), it has exposure across a vast number of sectors and regions.

The news gives some indication the economic conditions may be getting worse outside the U.S. and EU.

It is not the kind of revelation people need with the market dropping like a rock.

Douglas A. McIntyre is an editor at 247wallst.com.

Tags: GE, General Electric, inthenews, SI, Siemens