Nokia Siemens to cut 17,000 jobs

james.miller

james.miller

james.miller

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I did a search but couldnt find anything on it here:eek:

http://www.bbc.co.uk/news/business-15858081


Nokia Siemens to cut 17,000 jobs, 23% of its workforce

The struggling telecoms equipment maker Nokia Siemens Networks is cutting 17,000 jobs, 23% of its workforce.

The cuts from its 74,000-strong workforce should help reduce costs by some 1bn euros ($1.35bn; £860m), the company said in a statement.

The loss-making venture, owned by Finland's Nokia and Germany's Siemens, has faced stiff competition from rivals such as Huawei and Ericsson.

The owners are considering listing the venture as a separate company.

"This is a big move. I believe the goal is an Initial Public Offering [flotation]. That cannot be done with the current structure and operation models," said Jari Honko, an analyst at Swedbank.

Nokia Siemens chief executive Rajeev Suri described the planned layoffs as "regrettable but necessary".
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Sad news. I thought they were bringing out a new smart phone with windows 8 OS.

Long live Nokia
 
Hotwired said:
Why would that be?

A company kicking out staff on an epic scale doesn't save money for quite a while due to the redundancy payments it has to make.
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Because its had a positive effect on the share price of the company, therefore the value of shareholders investments have risen.
 
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