Siemens to cut 2,300 jobs

Siemens AG announced Wednesday that its mobile communications group plans to cut 2,300 positions by the end of its fiscal year, a move undertaken as part of a broader restructuring program.

Like most other cell phone makers, Siemens is hurting from three years of slowing worldwide cell phone sales and shrinking corporate spending on information technology. The Siemens unit that's devoted to making equipment for cell phone networks continues to suffer as well, as carriers cancel plans to build newer networks.

Read more: CNet News.