Nokia Siemens Job Cuts More Than Expected, FAZ Reports

Job cuts at Nokia Siemens Networks, the unprofitable telephone-equipment venture of Nokia Oyj (NOK1V) and Siemens AG, will amount to a higher number than assumed so far, Frankfurter Allgemeine Zeitung reported.

The venture will cut 17,000 jobs worldwide, the newspaper said, citing comments made by Chief Executive Officer Rajeev Suri at a workers’ meeting in Munich recently.

Additional jobs will be lost as Nokia Siemens sells assets that are peripheral to the new strategy announced on Nov. 23, the newspaper cited Suri as saying.

The company’s comments about the 17,000 job cuts from Nov. 23 had been seen as including losses from potential asset sales, the newspaper said. Nokia Siemens employed almost 75,000 people as of Sept. 30.

To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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