Industrial conglomerate Siemens AG says it is cutting 16,750 jobs worldwide because of the slowing economy. The cuts amount to 4.2 percent of its global work force.

The Munich-based maker of trams and wind turbines said Tuesday the cuts will include 12,600 mostly administrative jobs, along with another 4,150 positions in a restructuring in some of its units.

Chief financial officer Siegfried Russwurm says Siemens will seek early retirements and possible buyouts to avoid forced layoffs and dismissals.

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