Nokia Siemens axing 5,700 jobs globally to save $682 million

Looks like 5,700 Nokia Siemens employees are about to get the big push, with the lay off of up to 450 workers in Finland due to cost cutting moves, and is part of Nokia Siemens plans to chop some 5,700 jobs worldwide, reports an article over on Forbes.

The cost cutting job losses by the mobile network equipment maker which is a joint venture between Siemens AG and Nokia Corp is expected to save the company $682 million by 2011 and the job cuts will mostly be in network support services.

Head of Nokia Siemens Finland, Pekka Soini has said that the announced plans are necessary so they can remain competitive whilst improving their economic performance. Nokia Siemens as part of the global cost cutting program has reduced 5 business units down to 3 while planning to strengthen business via acquisitions and partnerships.

The cost cutting program may well include up to 9% of Nokia Siemens current worldwide workforce which is at present 64,000 workers. All well and good to cut costs, but what about the workers who are slapped on unemployment?

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