Massive Job Cuts Ahead for Nokia-Siemens

Nokia-Siemens, the networking joint venture of Finnish cell phone maker Nokia (NYSE: NOK) and German industrial conglomerate Siemens (NYSE: SI), said today it will slash 17,000 jobs, or 28% of its workforce, to cut costs.

The cuts are expected to save the venture $1.3 billion and by completed by the end of 2013. The cost savings are expected to boost Nokia's profit, but will also result in lost revenue.

Morgan Keegan said Nokia will divest outside of its mobile broadband and “customer experience management” businesses, Barron's reported.