Telecoms company Nokia has announced its plan to cut between 5,000 and 10,000 jobs globally in the next two years.

It said the move will enable it reduce cost, catch up on 5G, and invest in cloud computing and digital infrastructure research.

Nokia said on Tuesday that the restructuring is aimed at boosting its performance against opponents such as Sweden’s Ericsson and China’s Huawei.

The company did not indicate regions affected by the measure, but said about 96 jobs in the UK were under threat as part of the €600m (£518m) cost cuts, BBC reported.

A Nokia spokesperson was quoted as saying, “We currently expect the consultation process in the UK to cover an estimated 96 roles.”

“At this stage, however, these are only estimates. It is too early to comment in detail, as we have only just informed local works councils and expect the consultation processes to start shortly, where applicable,” the spokesperson said.

According to a union representative, about 300 jobs are likely to go in Finland, the company’s base, particularly from its Helsinki headquarters.

France, where Nokia cut more than 1,000 jobs last year, was excluded from the current restructuring.

The chief executive Pekka Lundmark was quoted as saying, “decisions that may have a potential impact on our employees are never taken lightly. My priority is to ensure that everyone that will be hit is supported through this process.”

Lundmark, who took over Nokia’s top spot in 2020, has made changes after product missteps under the company’s previous management hurt Nokia’s 5G ambitions and dragged on its shares.

The telecom company currently has 90,000 employees around the world, and has slashed thousands of jobs since 2015.

It was once the biggest phone manufacturer in the world, but failed to anticipate the reign of internet-enabled touchscreen phones such as Apple’s iPhone and Samsung’s Galaxy and was spectacularly hit from its seat by adversaries.

After selling its phone business to Microsoft, which the software giant later wrote off, the company concentrated on telecoms equipment.

And later got on into a licensing agreement for Nokia-branded phones.

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