Siemens | featured news

Nokia Siemens Networks is slashing 17,000 jobs worldwide by 2013 — nearly 23 percent of its work force — as it strives to cut costs by €1 billion ($1.35 billion). The mobile infrastructure company said Wednesday the measures are part of “an extensive global restructuring program,” which includes streamlining the organization to improve long-term competitiveness and profitability.

Siemens posted an 81% drop in first-quarter net profit compared with a year earlier when results were boosted by a multibillion euro gain from an asset sale.