Nokia Siemens Networks CEO Rajeev Suri today gave the heave-ho to 17,000 employees.

According to Suri:

We believe that the future of our industry is in mobile broadband and services – and we aim to be an undisputed leader in these areas. At the same time, we need to take the necessary steps to maintain long term competitiveness and improve profitability in a challenging telecommunications market.

Nokia Siemens Networks plans to slash its annualized operating expenses and production overheads by EUR 1 billion by the end of 2013.

Savings are expected mostly from organizational streamlining (aka layoffs in plain English), real estate, information technology, product and service procurement costs, overall general and administrative expenses and a big reduction of suppliers.

Related Stories:
Rajeev Suri Takes Mangalore Univ into Stratosphere

  Rajeev Suri