Berlin: German industrial conglomerate Siemens AG (Siemens) is likely to cut jobs in some business areas or at some locations. Peter Loescher, CEO, Siemens said, "Because of the financial crisis, some parts of our business areas have had a decline of orders by up to 70 percent. In this case, one can't just stand on the sidelines and watch. We need to take the necessary steps to react to the crisis." Loescher did not elaborate where or when the company would lay off employees or how many people would be affected. "It will take a long time until there will be an expansion of our capacities again, like the one during the boom years of 2007 and 2008," Loescher was quoted by the paper.