Siemens to cut 4500 jobs worldwide

German engineering giant Siemens said on Thursday that it would slash an additional 4,500 jobs worldwide, on top of 7,400 cuts previously announced as part of an ongoing restructuring plan.

Some 2,200 of the latest job cuts will be in Germany, said the Munich-based firm that employs more than 300,000 people in all.

Chief executive Joe Kaeser 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.

The restructuring plan aims to produce savings of about one billion euros ($1.2 billion) and boost profitability by focusing on certain divisions, such as energy, medical equipment and digitalised systems for industry and transport.