Telecoms manufacturer and management company Nokia Siemens Networks has announced a plan to improve its financial performance and return to growth. It aims to cut €500 million (£450 million) from its annual operating expenses and production overheads by the end of 2011. This includes reorganizing the company’s five business units into three - Business Solutions, Network Systems and Global Services – and reviewing the roles of its 64,000 employees worldwide, which it says may lead to headcount reductions of about 7% to 9%. [Press release]