Nokia Siemens to reduce workforce

NSN is a joint venture between Nokia and Siemens

Telecoms equipment maker Nokia Siemens Networks (NSN) says it may cut its workforce by 7-9% with up to 5,700 jobs being shed from its 64,000 workforce.

The move is part of a cost-cutting regime to "improve financial performance and return to growth".

The firm, which was set up as joint venture between Nokia and Siemens, aims to cut annual costs by 500m euros ($732m; £450m).

In October, Nokia wrote-off 908m euros reflecting the fall in value of NSN.

Nokia, the world's biggest mobile phone maker, also reported last month a loss for the July-to-September quarter after sales sank by almost a fifth.

The company made a net loss of 913m euros for the period, compared with a profit of 1.1bn euros in the same quarter last year.