Today's Coming Crisis Movie

Thursday, November 24, 2011

Nokia Siemens to lay off 17,000 worldwide - 24th Nov 2011

Nokia Siemens Networks is slashing 17,000 jobs worldwide by 2013 - nearly 23 per cent of its workforce - as it strives to cut costs by a billion euros.

The mobile infrastructure company said on Wednesday the measures are part of "an extensive global restructuring program", which includes streamlining the organisation to improve long-term competitiveness and profitability.

The Finnish-German joint venture said they will also include "a significant reduction of suppliers".

Nokia Siemens Networks CEO Rajeev Suri said the company will focus on mobile network infrastructure and services market.

"We believe that the future of our industry is in mobile broadband and services. We aim to be an undisputed leader in these areas," Suri said.

"At the same time, we need to take the necessary steps to maintain long-term competitiveness and improve profitability in a challenging telecommunications market."

He described the planned layoffs as regrettable but necessary. Read More