After recording a hefty third quarter loss, Nokia Siemens Networks has announced that it will lay off a significant portion of its global workforce. The company intends to let go between 7 and 9% of its 64,000 workers, for a total elimination of 4,500 to 5,700 jobs. In combination with its "strategic workforce rebalancing," Nokia Siemens will reduce overheads, expand its portfolio and consider acquisitions "where assets would add scale to existing product areas or customer relationships."

The company has been slammed by weakened demand in the recession and said the cost cuts are in response to ''changes in the global economy and competitive environment." Nokia Siemens posted a 21.2% fall in revenue on year in the third quarter, and a 13.7% decline from the second quarter. The company hopes that its restructuring plans will reduce spending by 500 million euros (around $740 million).