By Marcus Leach

Nokia Siemens have announced that they will cut 17,000 jobs as part of a re-structuring operation.

The struggling telecoms equipment manufacturer believe the cuts will help them reduce their operating costs by £860 million.

"As we look towards the prospect of an independent future, we need to take action now to improve our profitability and cash generation," Nokia Siemens chief executive Rajeev Suri said.

"We need to take the necessary steps to maintain long term competitiveness and improve profitability in a challenging telecommunications market."

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