24 Nov 2011

Nokia Siemens to shed thousands of jobs

12:43 pm on 24 November 2011

Struggling telecoms equipment maker Nokia Siemens Networks has announced it is cutting almost a quarter of its workforce.

The loss making Finnish-German joint venture is shedding 17,000 staff by the end of 2013.

The company operates in 150 nations and claims to connect a quarter of the world's population every day through its wireless and mobile systems.

It employs 74,000 people and nearly a quarter of them are expected to lose their jobs over the next few years, the BBC reports.

The company has not yet said exactly where the axe will fall.

It is aiming to trim costs by about €1 billion a year.