Siemens Says Will Cut 7,800 Jobs, Including 3,300 in Germany

German engineering giant Siemens said Friday it was slashing 7,800 jobs worldwide, more than 3,000 of them in Germany, as part of an ongoing restructuring plan aimed at saving about EUR one billion.

"In a drive to streamline administrative and overhead functions, about 7,800 jobs are to be cut worldwide, including some 3,300 in Germany," the company, which employs more than 300,000 staff, said in a statement.

Chief executive Joe Kaeser unveiled a mass streamlining plan in May 2014 aimed at dramatically reducing both the number of divisions and hierarchy levels within the industrial group by 2016.

"The savings achieved will be invested in innovation, productivity and growth initiatives, a considerable part of which will be in Germany," the company statement said.

Janina Kugel, a board member and labour director, said the company wanted to start talks with employee representatives about the cuts in Germany as soon as possible and "search constructively for socially responsible solutions".

Last month, Siemens, which runs its business from October to September, said that net profit fell by 25 percent to EUR 1.095 billion ($1.2 billion) in the first three months.

Press reports in recent days had indicated a similar figure for the job losses. Shares in Siemens slid 1.3 percent to EUR 95.01 on a slightly lower Frankfurt stock exchange.