New Thyssenkrupp chief executive Martina Merz on Wednesday paved the way for dee...
) chief executive Martina Merz on Wednesday paved the way for deeper job cuts at the ailing conglomerate, telling employees in an internal memo such a step was necessary for a much-needed turnaround.
To do that, it is planning to list or sell its elevator division and is willing to sell majority stakes in its struggling car parts and plant engineering divisions, which Merz said are facing significant changes. Thyssenkrupp previously said it would cut 6,000 of the group’s 162,000 jobs, a step seen by sources familiar with the matter as insufficient to improve the group’s cost structure. Deutsche Bank , for example, has announced 18,000 cuts, out of a total of 92,000 jobs.
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