T = Trends for a Stock’s Movement
Siemens is an integrated technology company with activities in the fields of industry, energy, and health care. Siemens operates in six segments: industry, energy, health care, equity investments, Siemens IT solutions and services, and Siemens financial services. The company has equity investments in telecommunications infrastructure and household appliance companies as well as in a company that provides open communications, network, and security solutions.
Siemens announced it will cut 7,500 jobs in the next fiscal year as the company undergoes restructuring to increase profitability and catch up to rival General Electric (NYSE:GE). CEO Joe Kaeser has said Siemens will cut 15,000 positions in total as a part of the reorganization, Bloomberg reports. Kaeser is working to regain investor confidence in the company after losses caused by his predecessor Peter Loescher, who lost his position after an announcement earlier this summer that Siemens would not reach its goal to make a profit equal to 12 percent of sales next year.