Nokia Siemens Networks to Cut 17,000 Jobs Worldwide

Finnish-German telecom equipment maker Nokia Siemens Networks (NSN) on Wednesday announced a restructuring plan entailing 17,000 job cuts by the end of 2013.

NSN, which on November 1 counted 74,000 employees, "plans to reduce its global workforce by approximately 17,000 by the end of 2013," it said in a statement, adding that its restructuring plan was aimed at cutting annual costs by one billion euros ($1.3 billion) compared to 2011 outlays.

NSN chief executive Rajeev Suri told a conference call and webcast that no decisions had yet been made about specific staff cuts in the company's global locations.

"We can't announce that at this stage, just that 17,000 is the final number," he said.

"These planned reductions are regrettable but necessary -- and it is our goal to make them in a fair and responsible way, providing the support we can to employees and communities," Suri said in the statement.