Nokia Siemens Slashing 17,000 Jobs !

Nokia Siemens id laying off 23% of its job force by 2013 in an effort to cut costs by euro1 billion ($1.35 billion).
Company said the measure are part of 'extensive global restructuring program' and it is to maintain company's competitiveness in the global market. Company considers the action as regrettable but necessary.

Nokia Siemens Networks CEO Rajeev Suri said, "We believe that the future of our industry is in mobile broadband and services. We aim to be an undisputed leader in these areas, At the same time, we need to take the necessary steps to maintain long term competitiveness and improve profitability in a challenging telecommunications market."