Nokia layoffs: Company will slash up to 14,000 jobs
Hong Kong
CNN
—
Nokia will slash up to 14,000 jobs in a major cost-cutting drive to address a “weaker” market environment, it said in a statement on Thursday.
The Finnish telecom giant, a major provider of 5G equipment that employs 86,000 people, announced the move as part of a wider restructuring that will lower its headcount to between 72,000 and 77,000.
The move will help the company reduce staffing expenses by 10% to 15%, and save at least €400 million ($421.4 million) in 2024 alone, the company projected.
Overall, it said the reductions are expected to trim Nokia’s costs by up to €1.2 billion (nearly $1.3 billion) cumulatively by the end of 2026. Nokia (NOK) said it would “act qui...