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Nokia to slash thousands of jobs

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Nokia to slash thousands of jobs

Nokia Corp.revealed April 6 plans to reduce its global workforce, in a bid to save €900 millionof operating costs following its acquisitionof Frenchtelecom equipment firm Alcatel-Lucent.

Bloomberg News reported the same day that Nokia is expected toreduce up to 14% of its workforce, or about 15,000 positions out of a total workforceof 104,000.

Expected to take place until end-2018, the job cuts will affectareas where Nokia and Alcatel-Lucent have overlaps, including research and development,regional and sales groups, and corporate functions.

Nokia said it has already met with its two European works councils,or groups representing European employees, to discuss the matter. In the comingweeks, the company will also hold meetings with workers in almost 30 countries whereit is present.

President and CEO Rajeev Suri assured that Nokia will providetransition assistance and other forms of support to all employees who will be affectedby the workforce reductions.

Union officials have reportedly been preparing for the potentialjob cuts since 2015, when Suri bared Nokia's cost-cutting measures in relation tothe Alcatel-Lucent takeover.

In particular, Nokia aims to axe 1,400 jobs in and 1,300 positions in its home country of Finland, Reuters separately reported April 6.

In comparison, the tech giant will reportedly slash only 400jobs in France while creating 500 R&D positions, following a commitment to thecountry's government.