{"id":15633,"date":"2011-11-23T16:14:00","date_gmt":"2011-11-23T16:14:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/nokia-plans-major-job-cuts\/15633\/"},"modified":"2011-11-23T16:14:00","modified_gmt":"2011-11-23T16:14:00","slug":"nokia-plans-major-job-cuts","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/nokia-plans-major-job-cuts\/15633\/","title":{"rendered":"Nokia Plans Major Job Cuts"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><br \/>\n<!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><br \/>\n<!--\/mfunc--><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-thumbnail wp-image-4925\" title=\"NOKIA\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2011\/01\/45-150x150.jpg\" alt=\"NOKIA\" width=\"150\" height=\"150\">Nokia Siemens Networks (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=SI\">NYSE:SI<\/a>)announced on Wednesday that the company is planning to cut around 17,000 jobs across the world by 2013 as a part of its cost cutting drive .<\/p>\n<p><span id=\"more-15633\"><\/span>Nokia Siemens Networks, A joint venture between Nokia Corp. (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=NOK\">NYSE:NOK<\/a>) and Siemens AG and is currently the world\u2019s second largest makers of mobile infrastructure said in a statement earlier today that the company is planning to cut around 17,000 jobs across the world by 2013 as a part of its cost cutting drive . The company will be slashing 23 percent of its total workforce in order to reduce the costs by about $1.35 billion or 1 billion euros.<\/p>\n<p>Nokia Siemens Networks said that the company is going to undergo major restructuring in order to be more flexible and efficient against the competition from rival Asian companies. The company is responsible for making the essential mobile network infrastructure required for cell phones to connect and communicate with other mobile devices and is currently exploring the possibility of outsourcing the services to reduce the number of suppliers.<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>The chief executive officer, Rajeev Suri in a statement said that the company will continue pushing network outsourcing in order to reduce its focus on field maintenance deals and concentrate on using the global delivery capabilities to carry out remote management from the Nokia Siemens centers located in India and Portugal in order to transform those businesses to pick up and generate more revenue.<\/p>\n<p>The Nokia-Siemens joint venture is a 50-50 partnership formed in 2006 and the company has been facing issues regarding the profits, and the condition has worsened by the recent global economic slowdown. The company currently faces challenge from Chinese telecommunications giants like Huawei Technologies and ZTE Corp. (PINK: ZTCOY). Earlier in the previous year, Nokia Siemens increased its foothold in the American market by acquiring a majority in the Motorola (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>:MSI)\u2019s wireless operations for $1.2 billion. This deal has given Nokia Siemens Networks the access to top wireless carriers in the United States including AT&amp;T Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>:ATT), Verizon (<a href=\"https:\/\/stockmarketwatch.com\/markets\/nyse\/today.aspx\" data-internallinksmanager029f6b8e52c=\"2\" title=\"NYSE Today\">NYSE<\/a>:VZ) and Sprint Nextel Corp. (NYSE:S) depending upon the technology provided by the infrastructure suppliers.<\/p>\n<p>According to the statement, Nokia Siemens is mainly focused on mobile broadband and services and restructuring the organization to improve its profitability and competitiveness for a long term. Suri said that the company believes that the future is in mobile broadband and services, which is expected to see a huge growth in the coming years and Nokia Siemens Networks aims to be the undisputed leaders in those segments. He also said that the planned layoff is regrettable but unavoidable.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-slip-as-dollar-strengthens\/15727\"><br \/>\nGold Prices Slip as Dollar Strengthens<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-lower-on-persistent-euro-zone-worries\/15725\"><br \/>\nStocks End Lower on Persistent Euro Zone Worries<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/jp-morgan-chase-purchases-lme-stake-from-mf-global\/15720\"><br \/>\nJP Morgan Chase Purchases LME Stake from MF Global<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/netflix-avoids-class-action-lawsuit-in-wal-mart-case\/15719\"><br \/>\nNetflix Avoids Class Action Lawsuit In Wal-Mart Case<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gap-eyeing-chinese-markets-for-international-growth\/15718\"><br \/>\nGAP Eyeing Chinese Markets For International Growth<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/german-merck-demands-back-facebook-page\/15717\"><br \/>\nGerman Merck Demands Back Facebook Page<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-shed-early-gains-headed-for-a-mixed-finish\/15711\"><br \/>\nStocks Shed Early Gains; Headed for a Mixed Finish<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nokia Siemens Networks (NYSE:SI)announced on Wednesday that the company is planning to cut around 17,000 jobs across the world by [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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