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It was discovered recently that Fujitsu Siemens Computers plans to cut around 700 jobs in Germany alone, which amounts to 12 percent of its workforce in the country. This comes under an extreme economic crunch which started from the U.S. and evidently struck worldwide, as well as strong competition that has shunned the company. Fujitsu Siemens Computer Holdings though is Europe’s biggest maker of personal computers and has a workforce of 10,500, all around the world.

A statement from the company affirmed that the job cuts are not a result of new ownership structure but a move to stabilize profitability and competitiveness back in to the organization.