Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Finnish telecommunications company Nokia has announced that it will cut between 9,000 and 14,000 jobs worldwide by 2026.
Following a cost-savings programme announced in October 2023, the company plans to cut up to 16% of its workforce. Nokia expects that the programme will bring savings of between €800 million and €1.2 billion by 2026.
So far, the company announced in October 2023 that it will cut 450 jobs in Finland. In February 2024, the company initiated a lay-off process in France, where about 200 jobs are expected to be cut. This means that Nokia is to reduce its workforce of Nokia Networks France by about 10%. Nokia Submarine Networks (NSN), the company’s second French entity specialising in the submarine cable sector, is not expected to be affected. The conditions of the programme will be negotiated with employee representatives according to local regulations.
Nokia employs about 86,000 people worldwide and operates in over 130 countries.
A previous restructuring programme at the EU level was announced in January 2019. Previous worldwide restructuring programmes have been recorded in the ERM events database in [March 2021] (https://apps.eurofound.europa.eu/restructuring-events/detail/103922), as well as the current restructuring event in [Finland - October of 2023] (https://apps.eurofound.europa.eu/restructuring-events/detail/200407).
UPDATE 05/03/2024
It has been announced that Nokia completed negotiations with employee representatives in France. As a result, the company will cut its employment by 357 positions in the country Nokia-2024-FR.
UPDATE 17/10/2024
It is announced that Nokia plans to cut 350 jobs in Europe, including 48 positions in Finland. The source also reports that under the restructuring programme, the company had cut 7,500 jobs globally since October 2023. The cost-saving programme will be continued as the company still aims to improve its profitability.
Eurofound (2023), Nokia, Internal restructuring in World, factsheet number 200819, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/200819.
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