Nokia and siemens cut its staff nearly 17,000

Nokia Siemens to Cut Work Force by 17,000

Network-equipment vendor Nokia Siemens Networks said it would cut nearly a quarter of its staff and restructure its business in a last-ditch effort to reach profitability and position itself for independence.

Rajeev Suri, chief executive of the joint venture owned by Nokia Corp. and Siemens AG, said the company would cut 17,000 jobs globally, or 23% of its work force of 74,000, to save €1 billion ($1.35 billion) in annual costs by 2013—double its current target. Mr. Suri also pledged to double down on its mobile broadband businesses, promising to divest other noncore businesses or manage them for value.

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Tags:  Nokia, siemens

By tellachotigroup