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Siemens cutting 6,900 jobs

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Industrial conglomerate Siemens plans to slash 6,900 jobs, largely in the United States and Germany.

The majority of the layoffs would affect employees who work in the Siemens unit that provides turbines and services to companies that generate power from oil and gas.

"The power generation industry is experiencing disruption of unprecedented scope and speed," said Lisa Davis, a Siemens board member. "Renewables are putting other forms of power generation under increasing pressure."

Read more from CNNMoney.

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