Siemens CFO blasts NSN job cut plan

Siemens finance chief Joe Kaeser has blasted the way joint venture Nokia Siemens Networks was handling planned job cuts in Germany and called on it to hold talks with labor.

NSN, in which Nokia holds 50 per cent plus a "golden share", is run from Finland by Indian executive Rajeev Suri, who has called 3,000 job cuts in Germany unavoidable. NSN staff in Germany have reacted with outrage.

NSN is cutting 20,500 of its overall 74,000 jobs, and Kaeser acknowledged it had no choice but to consolidate. He said NSN's restructuring was not a matter of requiring more money because it already had enough capital and liquidity.