German utility RWE to cut up to 8,000 jobs

German utility RWE plans to cut up to 8,000 of its 72,000 jobs over the next few years, half of which could come from divestments, a company source said on Saturday. The source was confirming a report by the Rheinische Post newspaper that cited labour union sources. "There will be job cuts," a company spokesman said without giving a specific number, noting RWE had already flagged this and was working with unions to implement them.
RWE has ruled out forced layoffs in Germany through 2012. The company said in August it planned to divest assets worth 11 billion euros ($14.8 billion) by the end of 2013. It aims to cut costs by 1.5 billion euros next year as it comes to grips with Germany's decision to phase out nuclear power by 2022.