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Nokia Siemens to cut 17,000 jobs
Nokia Siemens announced Wednesday that it will cut as many as 17,000 jobs by 2013 as part of a comprehensive restructuring program.
This effectively means that the joint venture will slash one in four jobs in an effort to cut costs and shift its focus towards mobile broadband and the service sector.
The outfit hopes the move will cut overhead and operating expenses by 1 billion euros a year by 2013 and streamline its organization, which is basically what every company says after it sacks a few thousand people to boost earnings.