Nokia Siemens to cut 8,500 jobs

Nokia Siemens Networks, the phone-equipment maker that Nokia Oyj is fully taking over, is considering reducing about 8,500 jobs to boost profitability, according to three people familiar with the matter.

Bloomberg News reports that Nokia Siemens had about 50,500 workers at the end of June, but a scenario being discussed would bring its workforce to 42,000 by the end of 2014, or a 17% reduction, partly through selling or shutting down plants and farming out manufacturing, said the people, who asked not to be identified discussing internal targets. No final decisions have been made and any plans would have to be approved by sole owner Nokia.

Nokia Siemens has cut more than 20,000 positions during the past two years, a move that has proved to be successful by restoring profitability amid declining sales as its shareholders tried to unwind a six-year ownership agreement

'It’s good to be focused where you’re strong and to build scale around that dimension', Nokia Siemens Chief Executive Officer Rajeev Suri said after Nokia announced the completion of the $2.3bn purchase of Siemens' share and renamed the unit to Nokia Solutions and Networks. 'We’re the only ones playing that game'.

Suri declined to comment on any potential job-cut plans, as did Brett Young, a spokesman for Nokia.

To access the full Bloomberg article hit the link below

Nokia Siemens Said to Weigh 8,500 Job Cuts in Scale Focus

Norway Gets U.S. Help Chasing Citizens Dodging Income Law: Taxes

Berlusconi Tax-Fraud Conviction Sets Up Showdown in Senate 

image: © Torpe