Telecom Company Plans Job Cuts

Nokia Siemens Networks, says it is cutting on its workforce in order to adjust properly in the telecommunications industry.

Its Chief Executive, Rajeev Suri noted that the proposed layoff is unwanted but important.

Suri who gave the number of jobs to be cut as 17,000 which is about 23 per cent of its total workforce, said the cut could save a huge sum of money for the company.

A statement from the company further pointed out that the company was faced in a strong competition from other telecoms providers including Ericsson.

An analyst in the industry, Jari Honko, described the planned cut as a big move, adding that the aim is an initial public offering.

The company which is jointly owned by Fin-land’s Nokia and Germany’s Siemens, revealed that the restructuring programme will include shade off in its operations globally.

The Tide was informed that Nokia Siemens shares increased by about two percent after the information was made public.

It was also gathered that other firms like Alcated Lucent also reduced its workforce sometime in 2007 while Erisson did same in two years ago.