STRUGGLING telecoms manufacturer Nokia Siemens Networks announced plans to slash 17,000 jobs worldwide -- a 23pc slice of its workforce.
The loss-making venture, owned by Finland's Nokia and Germany's Siemens, has faced stiff competition from rivals such as Huawei and Ericsson.
The company said that the cuts from its 74,000-strong workforce should help reduce costs by some €1bn.
The owners are considering listing the venture as a separate company.
Nokia Siemens chief executive Rajeev Suri described the planned layoffs as "regrettable but necessary".