The global economy recession has now touched the world’s largest mobile phone manufacturer Nokia Corporation. Nokia has planned to cut back on staff. The cell phone giant has announced it plans to shed around1,700 jobs globally because of a cutback in cell phone sales. It employs more than 125,000 workforces worldwide. The sales have been hit hard by the recent global economic downturn.

As it sales are falling so the company is taking several steps to manage their loss. They try to cut cost anyhow. So, as a part of a key cost-cutting drive, the giant announced the redundancies are going to be made across several departments to cut costs by roughly 700 million euros.

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