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Daily Mirror
Daily Mirror
Business
Emma Munbodh

Nokia to axe 10,000 jobs worldwide in £518million cost cutting drive

Nokia is to axe tens of thousands of jobs worldwide as part of a restructuring deal to save the business £518million.

The tech giant said 5,000 to 10,000 roles would be cut in the next two years, with around 100 employees in the UK affected.

It forms part of a restructuring plan that would save the business £518million over 24 months.

"We currently expect the consultation process in the UK to cover an estimated 96 roles," a Nokia spokesperson said.

"At this stage, however, these are only estimates. It is too early to comment in detail, as we have only just informed local works councils and expect the consultation processes to start shortly, where applicable."

Nokia was once the market leader on smartphones (Getty)

Nokia, which is based in Finland, has workers in around 100 different countries.

In Finland, 300 jobs at its Helsinki headquarters are at risk, a union representative said.

France, where the company slashed more than 1,000 jobs last year, will be unaffected by today’s announcement.

Chief executive Pekka Lundmark said: "Decisions that may have a potential impact on our employees are never taken lightly. My priority is to ensure that everyone [that will be hit] is supported through this process."

The restructuring is intended to boost Nokia's performance against rivals such as Sweden's Ericsson and China's Huawei which have steamed ahead in recent years.

Nokia is also playing catch-up on 5G, and also plans to invest in cloud computing in the next few years.

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