Nokia (NOK.US) to lay off thousands! 2,000 in Greater China and 350 in Europe

Nokia (NOK.US) is pushing its cost-cutting plan, having laid off nearly 2,000 employees in Greater China, or a fifth of its workforce in the region, and plans to cut another 350 jobs in Europe, according to sources. The layoffs are part of the company's efforts to save between 800 million euros and 1.2 billion euros by 2026. Nokia confirmed it is consulting with European employees about the 350 job cuts, but declined to comment on the layoffs in China. As of December 2023, Nokia had 10,400 employees in Greater China and 37,400 in Europe.