Nokia Siemens to Cut Thousands of Jobs

Nov. 3, 2009

Up to 5,800 jobs could be lost

Telecom equipment maker Nokia Siemens said on Nov. 3 that it could reduce its 64,000-strong workforce by 7% to 9%, or by 4,500 to 5,800 jobs, in a cost-cutting drive.

The cost-cutting is to "improve financial performance and return to growth" by reducing 500 million euros (US$732 million) in annualized operating expenses and production overheads by 2011, the company said.

Nokia, the world's biggest mobile phone maker, last month reported its first quarterly loss in a decade partly due to a 908-million-euro impairment charge for goodwill in the Nokia Siemens joint venture.

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