(MENAFN) German engineering giant Siemens said it was cutting 7,800 jobs globally, more than 3,000 of them in Germany, part of an ongoing restructuring plan, The Peninsula Qatar reported.
Last month, Siemens, which runs its business from October to September, said that its net profit saw a drop by 25 percent to USD1.2 billion in the first three months.
Chief executive 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.
"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 said in a statement.
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