Nokia Siemens to cut thousands of jobs: Company

Finnish-German telecom equipment maker Nokia Siemens said on Tuesday that it could reduce its 64,000-strong workforce by seven to nine percent, or by 4,500 to 5,800 jobs, in a cost-cutting drive.

The cost-cutting is to "improve financial performance and return to growth" by reducing 500 million euros (732 million dollars) in annualised operating expenses and production overheads by 2011, the company said.

"As part of this effort, the company will also conduct a global personnel review which may lead to headcount reductions in the range of about 7-9 percent of its current approximately 64,000 employees," it added.

Nokia, the world's biggest mobile phone maker, last month reported its first quarterly loss in a decade partly due to a 908-million-euro impairment charge for goodwill in the Nokia Siemens joint venture.