Christian Bruch always said that the turnaround of Siemens Energy would not be easy, but “this setback is more severe than I thought possible”. In a call with analysts on June 23rd, after the company dumped its profit guidance for the year, the boss of Siemens Energy, a spin-off in 2020 of the gas and power business of Siemens, an engineering behemoth, said that “too much has been swept under the carpet”. He admitted that Siemens Gamesa, its maker of wind turbines, will make big losses this year and will take longer than expected to become profitable.
The reaction to the announcement by Siemens Energy, a
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