Globo-corp Siemens will be firing 16,750 according to a report on Yahoo Finance.  The company, which made a profit of over $5.5 billion last year, expects to save an additional $1.8 billion by the layoffs.   Siemens CEO, Peter Loescher, explained the reasons for the cuts in this contradictory way:

“The speed at which business is changing worldwide has increased considerably, and we’re orienting Siemens accordingly. Against the backdrop of a slowing economy, we have to become more efficient.”

So the speed at which business is changing has increased considerably, but the economy is slowing.