Manufacturing giant Siemens is cutting thousands of jobs, and we could be affected here at home.

The Siemens Rail Systems plant in South Sacramento has handled some pretty big contracts lately -- notably new Amtrak engines -- but the overall company is seeing some declining profit and has announced 15,000 job cuts over the next year.

The plan could save $8 billion overall. More than 700 people work locally and there's been no word on the impact here yet, the company says it hopes to rely on attrition though, and voluntary severance packages to meet the goal.