More Layoffs For Nokia

A news report revealed that mobile maker Nokia is going to shave 1,700 posts off its workforce as a result of the global economic crisis. The layoffs will affect all its divisions, from marketing to devices. Even those in the corporate office are included.

Nokia shares plunged 2.5 percent in Helsinki to euro8.76 ($11.42) after the announcement, which came as the industry bellwether continues to struggle with falling demand and handset prices.

Unfortunately, the downsizing won't end there. Nokia said that it plans to close a research center, a move that will affect nearly 3,000 jobs, and also announced a global voluntary resignation program. Employees have until May 31 to opt for it. Nokia hopes to trim the workforce down by another thousand through the volunteers. We'll keep an eye on further developments regarding downsizing as the situation develops.

Source

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