Siemens announced it will cut a total of about 3,800 jobs from a telecom equipment unit that was once considered a worldwide industry leader. The equipment business has been struggling for the last few years, and Siemens began in 2005 to sell off or spin off pieces of the unit, such as its mobile handset group and its wireless networks group (which is now part of the Nokia Siemens Networks joint venture).
What's left of Siemens in telecom primarily caters to the network needs of corporate customers, but the firm has been hit hard since 2006 by a worldwide bribes-for-business scandal that is still playing out in several countries.
For more:
- see this report [1] at The Wall Street Journal
Links:
[1] http://online.wsj.com/article/SB120401584181693399.html?mod=telecommunications_primary_hs