Nokia Siemens to cut 17'000 jobs

The company said it is aiming to reduce annual operating expenses and production overheads by EUR 1 billion by the end of 2013. Nokia Siemens Networks said it plans to reduce its global workforce by approximately 17'000 by the end of 2013. These planned reductions are expected to be driven by aligning the company’s workforce with its new strategy as well as through a range of productivity and efficiency measures. Nokia Siemens Networks will begin the process of engaging with employee representatives in accordance with country-specific legal requirements to find socially responsible means to address these reduction needs. “As we look towards the prospect of an independent future, we need to take action now to improve our profitability and cash generation,” said Rajeev Suri, chief executive officer of Nokia Siemens Networks. “These planned reductions are regrettable but necessary – and it is our goal to make them in a fair and responsible way, providing the support we can to employees and communities.”