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November 23, 2011 12:32 pm EDT
Original Link: http://www.engadget.com/2011/11/23/nokia-siemens-to-cut-17-000-jobs-as-part-of-global-restructuring/
Nokia Siemens to cut 17,000 jobs as part of global restructuring
Nokia Siemens Networks has just announced a new global restructuring initiative that will result in the loss of a whopping 17,000 jobs. According to a statement released today, the company will "realign its business to focus on mobile broadband (including optical), customer experience management and services," the company said today. To achieve this, Nokia Siemens plans to reduce its operating expenses and overhead costs by about €1 billion and its workforce by nearly a quarter -- both by the end of 2013. The company explained the job cuts thusly:
No word yet on which countries will receive the brunt of the blow, though the company says it will launch local re-training and re-employment programs in affected areas. The mass layoff is only the latest in a recent spate of Nokia-related cuts, and according to Nokia Siemens CEO Rajeev Suri, it's sadly necessary. "As we look towards the prospect of an independent future, we need to take action now to improve our profitability and cash generation," the exec said. "These planned reductions are regrettable but necessary - and it is our goal to make them in a fair and responsible way, providing the support we can to employees and communities." Full press release after the break."These planned reductions are expected to be driven by aligning the company's workforce with its new strategy as well as through a range of productivity and efficiency measures. These planned measures are expected to include elimination of the company's matrix organizational structure, site consolidation, transfer of activities to global delivery centers, consolidation of certain central functions, cost synergies from the integration of Motorola's wireless assets, efficiencies in service operations, and company-wide process simplification."
Continue reading Nokia Siemens to cut 17,000 jobs as part of global restructuring
Nokia Siemens to cut 17,000 jobs as part of global restructuring originally appeared on Engadget on Wed, 23 Nov 2011 07:32:00 EDT. Please see our terms for use of feeds.
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