Nokia to shed 4,000 jobs, move smartphone assembly to Asia

Soon, all of your Nokia handsets will be created in the Far East, with news of Nokia planning to shed another 4,000 jobs from their payroll, affecting those working in Finland, Hungary and Mexico in a cost cutting exercise. The Finnish phone company will then consider shifting over their smartphone assembly work to the vast continent of Asia instead, where the profit margin is far higher as wages paid out are lower. This strategy is not new, as many multinational companies have already been doing so for decades, although some higher profile ones like Apple has certainly received some flak for it. Guess CEO Stephen Elop is rather liberal with the axe in his plans to help Nokia regain its former glory, as this move will see him cutting over 30,000 jobs since he took over the reins in September 2010. According to Nokia, the job cuts will happen in phases throughout 2012. Hopefully Nokia will be able to pull itself out of the doldrums with such austerity measures.