Breaking: Nokia Siemens Networks: We’re looking to fire about 5,000 people pretty soon
By Stefan Constantinescu on Tuesday, November 3rd, 2009 at 5:45 AM PST In Infrastructure
Nokia (NYSE: NOK) Siemens Networks, who was the number one reason Nokia posted their first loss in a decade in Q3 2009, is going to be cutting costs and reorganizing starting January 1, 2010. The goal is to cut operating costs for 2011 by half a billion Euros compared to 2009. Currently NSN has 5 business units, these will now be consolidated into 3 units: Business Solutions, Network Systems, and Global Services. NSN also has roughly 64,000 employees, and 7 to 9 percent (4,480 to 5,760) of them will be fired.
Good luck to my NSN buddies in Finland, the UK and Ireland.
[Via: Press Release]
