Nokia Siemens to slash 5,800 jobs, cut $1.5bn

STRUGGLING telecom equipment maker Nokia Siemens Networks aims to slash up to 5,800 jobs in a move the firm saud will save it &euro;1bn (&pound;900m) over the next two years.<br /><br />The company will revamp its operations hoping to benefit from its stronger position in offering services to operators.<br /><br />Telecom gear makers have been hit hard by the recession, which crimped operator spending, and by tough competition from China&rsquo;s Huawei and ZTE. NSN, a joint venture of Nokia and Siemens, said it aimed to cut &euro;500m in annual fixed costs by the end of 2011, putting up to 5,800 of the firm&rsquo;s 64,000 staff at risk. Workers in Germany and Finland protested against the plan.<br /><br />Last month market leader Ericsson reported third-quarter earnings below expectations and declined to forecast an upturn.