Nokia Venture Carries On With Job Cuts

Nokia's (NOK Quote) telecom equipment joint venture still expects to reduce its workforce by 9,000 jobs, sending Nokia shares lower on worries about how handset makers and networking companies are dealing with the global economic slowdown.

In May 2007, Nokia Siemens Networks said it would cut about 9,000 jobs following the launch of the venture between Nokia and German conglomerate Siemens (SI Quote). The company said Tuesday that 6,000 positions have already been eliminated and that it continues to expect the cuts to total 9,000 employees.

When Nokia and Siemens announced the joint venture in June 2006, the companies said they expected a headcount reduction in the range of 10% to 15% of their combined global workforce. ...