German industrial group Siemens plans to cut 7,800 jobs worldwide, or about 2 percent of its workforce, to complete a wide-ranging restructuring of the company, it said on Friday.

About 3,300 of the jobs lost will be in Germany, where the trains-to-turbines group employs 115,000 people.

Siemens said the cuts would save it about 1 billion euros ($1.14 billion), which it would reinvest for growth.

A source familiar with the matter had said on Thursday that Siemens planned to cut more than 7,000 jobs. ($1 = 0.8737 euros)