Siemens Energy has announced it will cut 7,800 jobs worldwide from its gas and power divisions by the end of 2025.

The move is part of measures implemented by the company to lower operational costs by at least €300 million (£264.5m) by 2023.

The firm has currently 67,000 employees worldwide at gas and power units, including around 23,000 in Germany.

Siemens Energy has recently outlined three areas of focus for its operations, low or zero-emission power generation, efficient electricity storage and reduction in the carbon footprint of industrial processes.

Christian Bruch, Chief Executive Officer at Siemens Energy AG, said: “We will proceed responsibly and diligently with all measures affecting our employees.

“These are colleagues who are committed to their work, have a high level of expertise, and, with their dedication, have made their contribution to the company, often over many decades.

“Nevertheless, one thing is clear: change is necessary and the pace of change in the energy markets has, if anything, accelerated over the past twelve months. We must therefore lower our costs now and fix our business. We must now work step by step to become more profitable.”