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Nokia Siemens Networks

Nokia Siemens Networks To Cut 17,000 Jobs, Writes Worst Press Release Headline Ever

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Nokia Siemens Networks would like you to know that it “puts mobile broadband and services at the heart of its strategy”, and to demonstrate this they plan to fire roughly 17,000 people worldwide before the end of 2013 as part of ‘an extensive global restructuring program’. Says Rajeev Suri, CEO of Nokia Siemens Networks:

“We believe that the future of our industry is in mobile broadband and services – and we aim to be an undisputed leader in these areas. At the same time, we need to take the necessary steps to maintain long term competitiveness and improve profitability in a challenging telecommunications market.”

In other words, Nokia Siemens Network is apparently too much of a dog to be interesting to potential buyers. Nokia and Siemens have been trying to sell their network equipment joint venture, which was originally formed in 2007, for some time now (it sold a piece a few weeks ago).

The company says it plans to reduce its operating expenses and production overheads by 1 billion euros by the end of 2013, compared to the end of this year. Aside from laying off people, the company will also look at real estate and general expenses, as well as – ironically – IT spending.

Nokia Siemens Networks employed approximately 75,000 people as of September 30, 2011.

The full press release is available here.