Engineering giant to cut 7,800 jobs

German engineering giant, Siemens has revealed that it will be slashing 7,800 jobs worldwide as part of an on-going restructuring plan to reshape the business and cut cost.

In a statement released by the company on Friday, February 6, it was revealed that about 3, 300 positions are expected to be cut in Germany.

The job cuts will be mainly among administrative and overhead employees, Siemens said.

After the company’s management and labour council meeting on Thursday, February 5, it released a statement saying;  "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 job cuts will be completed within two years and will cost the company hundreds of millions of euros, several reports say.

The move is a part of a push to cut out bureaucracy and simplify structures to cut operating costs. The targeted savings of about €1 billion ($1.13 billion) will be realized largely by the end of 2016 and reinvested in growth initiatives, mostly in Germany, Siemens said.