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 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 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 net profit fell by 25 per cent to 1.095 billion euros 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 per cent to 95.01 euros on a slightly lower Frankfurt stock exchange.