Siemens to cut 16,750 jobs worldwide

German industrial conglomerate Siemens AG said today it plans to cut 16,750 jobs in total worldwide, citing the global economic slowdown.

The company will reduce 12,600 staff by 2010, mainly in administration, while another 4,150 jobs will be eliminated as part of its restructuring plan. The company employs 1,100 people in Ireland.  

Chief Executive Peter Loescher, who has extensively restructured Siemens since taking charge a year ago, said last week it was time to "weatherproof" the group amid the "first clouds in the business cycle sky".

Siemens shares have fallen almost 35 percent so far this year. By comparison, US rival General Electric has lost 27.4 per cent and Dutch competitor Philips has lost 28.8 per cent, according to Reuters data.