Siemens

Siemens to Cut 10,000 Jobs in Major Overhaul

While General Electric (GE) has been the worst-performing stock on the Dow Jones this year, amid calls from analysts for the conglomerate to break up, its European rival Siemens has been busy repositioning itself since Joe Kaeser took over as CEO just over a year ago.

Siemens AG reported the second best result in the company’s history Nov. 8, but net income declined 27 percent in 2012 and so did new orders.

Technology company Siemens denied it sold Iran any nuclear equipment after an Iranian politician accused the firm of selling the country equipment laced with explosives.