German engineering giant Siemens says it is slashing 7800 jobs worldwide, more than 3000 of them in Germany.

The massive cutback is part of an ongoing restructure aimed at saving about one billion euros ($A1.47 billion), the company, which employs more than 300,000 staff, said in a statement on Friday. Chief executive Joe Kaeser unveiled a mass streamlining plan in May 2014 aimed at dramatically reducing the number…