Telecommunications Nokia plans to cut costs by € 600 million – could cut up to 10,000 jobs

Network devices Nokia is announcing that it will cut costs by € 600 million by the end of 2023. That means very large job cuts.

The company estimates that the restructuring will lead to an organization of 80,000 to 85,000 employees in 18 to 24 months, instead of the current approximately 90,000. According to the company, the exact amounts will depend on market developments over the next two years, as costs will be cut in stages.

“We do not make decisions on light grounds that have a potential impact on our employees. Ensuring the right skills and competencies is a necessary step to achieve long-term sustainable performance. It is important to me that our employees get the support they need in this process, ”says Nokia’s CEO Pekka Lundmark in the bulletin.

The news is updated.

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