U.S. Markets close in 4 hrs 14 mins

Siemens aims to get leaner

The conglomerate aims to save $7.7 bil over the next 2 years to stay competitive. Siemens (SI), Germany's most valuable company, makes products ranging from trains to hearing aids. It's under pressure to cut costs to compete with rivals like General Electric (GE). Siemens said jobs would be part of the equation but didn't specify how many jobs would be cut. Shares rose 0.7% to 102.07.