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Thursday, August 8, 2013

Bloomberg: Nokia networks looking at 8,500 job cuts

The Bloomberg business and financial news service on Wednesday reported it had been told by sources that Nokia Solutions and Networks, formerly Nokia Siemens Networks, is considering eliminating 8,500 jobs from its workforce in a bid to improve profitability.
Nokia Siemens Networks on Wednesday formally became "Nokia Solutions and Networks". While retaining the old initials, the new name reflects a change of ownership following Nokia’s acquisition of Siemens’ entire 50 percent stake, a move announced July 1 and completed on Wednesday. Nokia Solutions and Networks is now wholly owned by Nokia.
The possible cuts reported by Bloomberg would mean a 17 percent reduction in the company's workforce. Its sources said this may be partly done through selling or shutting down plants.
Nokia Siemens cut more than 20,000 jobs during the past two years. As of the end of June, NSN had some 50,500 employees worldwide, around 6,000 in Finland.


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