Siemens Chief Executive Officer Peter Loescher addresses a news conference in Munich July 8, 2008. German industrial conglomerate Siemens AG wants to cut 16,750 jobs globally, to help Europe's biggest engineering group reach a savings target of 1.2 billion euros ($1.9 billion) by 2010 and boost profit margin levels, Siemens said on Tuesday. REUTERS/Michaela Rehle (GERMANY)