Siemens hopes job cuts will close profit gap with GE and ABB

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Siemens is to cut the jobs of 15,000 people over the next year.

A third of those are in its industrial, energy and infrastructure businesses in Germany.

It is part of a six billion euro cost cutting programme at Europe's biggest engineering firm.

Siemens is anxious to close the gap with more profitable rivals such as US-based General Electric and Switzerland's ABB.

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