Siemens To Cut 7,800 Jobs Worldwide

German engineering company Siemens AG said Friday it will cut about 7,800 jobs worldwide as part of a restructuring effort it announced in May 2014. The job cuts will include 3,300 in Germany. Siemens said the move will produce savings of about €1 billion ($1.15 billion) that will be invested in innovation and growth initiatives. "We now want to begin talks with the relevant employee representatives as soon as possible and search constructively for socially responsible solutions," Siemens said in a statement. Shares of Siemens were down 1.1% in Frankfurt trade.