Nokia-Siemens venture to cut 3,000 jobs

Companies plan to trim about 10-15 percent of its current 60,000 staff: newspaper.

Nokia Siemens Networks will cut more than 3,000 jobs in Finland and Germany during the next three years, a Finnish daily reported on Thursday.

The Nokia (down $0.14 to $25.57, Charts) and Siemens (up $0.24 to $123.94, Charts) 50-50 venture has said it plans €1.5 billion ($2.05 billion) in annual savings by 2010, and to cut about 10-15 percent of its current 60,000 staff.

Most of the staff cuts will be made in Finland and Germany, because the joint venture has overlapping functions in these countries, newspaper Helsingin Sanomat said.

It said that those two countries will also face the biggest cuts proportionally, which means that in Finland more than 1,500 jobs out of around 10,000 jobs would go, and at least 1,800 staff would be cut in Germany.

Helsingin Sanomat said the joint venture is expected to give more details about the job cuts later in May.

A spokesman for Nokia Siemens Networks said the company stuck to its plans to cut 10-15 percent of its 60,000 staff worldwide but declined to give details.