Siemens Mobile to cut 2,300 jobs

31 Jul 2003

Siemens has revealed plans to shed 2,300 staff from its ICM division by September 2004 as part of a wider move to increase productivity and slash costs by up to EUR1 billion. The news has sparked speculation that Siemens is planning a radical overhaul of its business; many believe the company is considering merging its ICM (mobile) division with its fixed line infrastructure arm, ICN, while its handset operation could be rolled into a stand-alone joint venture.