German multinational engineering company, 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 1 billion euros.

In May 2014, chief executive, Joe Kaeser, unveiled a mass restructuring plan aimed at reducing both the number of divisions and hierarchy levels within the industrial group by 2016.

According to the company, the savings achieved will be invested in productivity, innovation and growth initiatives, a considerable part of which will be in Germany.

Board member and labor director, Janina Kugel, said the company wanted to start talks with employee representatives about the cuts in Germany immediately and constructively search for socially responsible solutions.

Last month, the company, which runs its business from October to September, said that net profit fell by 25 percent 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 percent to 95.01 euros on a slightly lower Frankfurt stock exchange.