Nokia Siemens Networks may cut 5,760 jobs

Telecom infrastructure provider Nokia Siemens Networks may slash 5,760 jobs worldwide, as the entity undertakes cost cutting measures.

The company, a joint venture between Finnish cell phone maker Nokia and German conglomerate Siemens AG, is planning to bring down its annual operating expenses and production overheads by 500 million euros by the end of 2011.

"As part of this effort, the company will also conduct a global personnel review which may lead to headcount reductions in the range of about 7-9 per cent of its current approximately 64,000 employees," it said in a statement on Tuesday.

Slashing about 9 per cent of the total workforce would result in 5,760 job losses.

The firm has operations in 150 nations, including India.

According to the firm, the operating expense and production overhead savings are expected to come from many areas, including real estate, information technology and site optimisation.

"Specific country impact may be higher or lower than the now estimated global 7-9 per cent range," the firm said. Nokia Siemens Network would also be realigning its five business units into three -- Business Solutions, Network Systems and Global Services. These new divisions are expected to come into effect on January 1, 2010.