Nokia Prepares for Major Job Cuts in Finland

According to a report by Helsingin Sanomat, Finnish telecommunications giant Nokia is planning a substantial restructuring of its operations within Finland. This move could result in the loss of hundreds of jobs.

Nokia will reportedly begin discussions with employee representatives later this year, possibly during the summer or fall. While a final decision on the total number of affected positions is pending, the move aligns with Nokia's global cost-saving strategy.

In October, Nokia unveiled a substantial savings program targeting 14,000 job cuts worldwide over the next three years. The company aims to reduce costs by up to 1.2 billion euros by 2026.

Nokia's Finnish workforce currently stands at approximately 6,800. The company engaged in several rounds of restructuring talks with employees throughout 2023 in response to challenging market conditions and lower-than-expected quarterly performance.

Nokia CEO Pekka Lundmark acknowledged the difficulty of job cuts but emphasised them as necessary for adapting to market volatility and ensuring long-term profitability and competitiveness.