The Finnish technology company Nokia has announced they are planning to cut up to 14,000 jobs by the end of 2026.
The move will save up to €1.2 billion over the three year period and Nokia will reduce their workforce from 86,000 to between 72,000 and 77,000.
Where the cuts will be made, but Nokia has offices in Reading, Cambridge and Bristol and the announcement comes after they reported a slump in sales by a fifth in the quarter to September.
Nokia president and chief executive Pekka Lundmark said: “The most difficult business decisions to make are the ones that impact our people.
“We have immensely talented employees at Nokia and we will support everyone that is affected by this process.
“Resetting the cost base is a necessary step to adjust to market uncertainty and to secure our long-term profitability and competitiveness.
“We remain confident about opportunities ahead of us.”