FRANKFURT (Reuters) – Siemens’ chief executive has defended the German industrial group against government accusations that its planned job cuts could encourage right-wing populism in economically weak areas of the former East Germany.
Siemens may cut thousands of jobs in an overhaul of its power and gas business, which is struggling with low demand for large gas turbines, especially in Germany where Berlin has speeded up a shift towards renewable energy.
CEO Joe Kaeser, in a letter to Economy Minister Brigitte Zypries cited by Der Spiegel magazine on Friday, said Berlin shared the blame for capacity adjustments that were now necessary as a result of Germany’s abrupt switch to renewables.
The so-called Energiewende policy had caused no…
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