Nokia

On October 7, 2026, Nokia opened cooperation (change) negotiations to eliminate 253 positions across its Espoo, Tampere, and Oulu sites in Finland, about 3.7% of its roughly 6,800-strong Finnish workforce. The cuts are part of a broader restructuring program expected to incur about EUR800 million in charges in 2026, targeting EUR800M-1.2B in savings by year-end, with the company citing a need to boost competitiveness and fund investment in AI, data center, and defense-related growth areas.

At its November 2025 Capital Markets Day, Nokia CEO Justin Hotard announced a new strategy and operating-model overhaul that included approximately 5,000 additional job cuts beyond the up to 14,000 previously announced in 2023. The cuts bring Nokia's total planned reduction since 2023 to roughly 19,000 positions, part of a push toward an annual comparable operating profit target of EUR2.7-3.2 billion by 2028 (about EUR1 billion above prior levels). The restructuring collapsed four business groups into two operating segments (Network Infrastructure and Mobile Infrastructure) effective January 1, 2026. Nokia's global headcount had already shrunk from about 103,000 in 2018 to 75,600 at the end of 2024.

Nokia has been recognized by Ethisphere as one of the World's Most Ethical Companies for the eighth time overall in 2025. The company is one of only two telecommunications companies and the only Finnish company to be honored. Recognition is based on strong business ethics, governance, and sustainability practices.

Nokia announced it would slash up to 14,000 jobs from its 86,000 workforce, reducing headcount to 72,000-77,000 by 2026. The cuts aim to save €1.2 billion cumulatively, with €400 million in 2024 alone. CEO Pekka Lundmark said: 'The most difficult business decisions to make are the ones that impact our people.' By October 2024, workforce stood at 78,500.