Things are not going well at one of the world’s largest conglomerates. Germany’s Siemens will fire 7,800 people in a “restructuring.”

The company’s management announced:

As previously announced, Siemens has informed the relevant employee representatives about the personnel adjustments planned in connection with the company’s new organizational structure. In a drive to streamline administrative and overhead functions, about 7,800 jobs are to be cut worldwide – including some 3,300 in Germany. “Our Vision 2020 concept will enable us to get our company back on a sustainable growth path and close the profitability gap to our competitors. Our strategic reorientation has enabled us to considerably streamline our organization and remove entire intermediate levels. These steps will bring our businesses closer to our customers and make us significantly faster. As a result, certain tasks and functions will be completely eliminated. We’re going to tackle this challenge together and implement the resulting measures responsibly. This completes the restructuring of our company in line with the new organizational setup of October 1, 2014,” said Joe Kaeser, President and CEO of Siemens AG.

The people being fired won’t view the plan is part of a “vision”:

Plans call for cutting about 3,300 jobs in Germany. “We now want to begin talks with the relevant employee representatives as soon as possible and search constructively for socially responsible solutions,” said Janina Kugel, member of the managing board and Labor Director. “We’ve made an agreement with the employee representatives that states that we want to avoid layoffs due to operational requirements. And of course, this agreement still applies,” she added.

The “socially responsible” part of the program will not be any better than the firings either.

ALSO READ: States Where the Middle Class Is Dying

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.