Nokia Siemens Networks to cut 17,000 jobs

Nokia Siemens Networks is planning to cut its workforce by 17,000 worldwide by the end of 2013, the company said in a statement on Wednesday in Espoo, Finland. The company said the measures are part of an extensive global restructuring program, in which it will focus on mobile broadband and services. "We need to take the necessary steps to maintain long term competitiveness and improve profitability in a challenging telecommunications market," said the company's Chief Executive Rajeev Suri in the statement. Rajeev Suri called the job cuts regrettable but necessary, and said the company would provide support for individuals and communities affected by the cuts, but defended the decision on economic grounds. Nokia Siemens is aiming to cut operating expenditures by around a billion euros over two years. Some 74,000 people currently work for the Espoo-based company in 150 countries, around 7,000 in Finland. The company will announce the geographical distribution of the job cuts later on.