Nokia to cut 10,000 jobs worldwide to bankroll new 5G drive

Former high-flying Finnish phone firm to use estimated 600m in savings to fund R&D to catch up with rivals

The Finnish telecommunications company Nokia has unveiled plans to cut up to 10,000 jobs worldwide in the next two years, and wants to use the savings to catch up with rivals on 5G technologies.

The company said it would reduce its global workforce to between 80,000 and 85,000 over the next 18 to 24 months, from 90,000 now. The exact number will depend on market developments. Nokia will invest the estimated 600m (515m) annual cost savings in research & development, particularly in 5G, cloud and digital infrastructure.