Nokia’s Munich job cuts spark worker backlash despite soaring stock
Nokia is planning to cut jobs in Munich, despite a strong performance in its stock price. Around 770 employees could lose their jobs if the site closes by 2030. Workers have questioned the company’s reasoning behind the decision.
The company has not given clear explanations for the planned reductions, according to those affected. Instead, Nokia points to its global site strategy as justification. However, the IG Metall union has dismissed this argument as insufficient.
Employees in Munich and other European locations are now pushing back. Under the campaign ‘We Stay’, they are organising resistance against the proposed closures. Similar opposition arose last October when Nokia announced the shutdown of its Ulm site, leading to around 150 job losses after talks with the works council and IG Metall.
Nokia’s stock, meanwhile, has climbed by 21.3% since January. On Friday, shares closed at €5.26, reflecting investor confidence. Yet the company appears set on consolidating operations, focusing only on key sites in Germany and abroad—potentially leaving Munich out.
The Munich site faces possible closure by 2030, putting 770 jobs at risk. Employees continue to challenge Nokia’s strategy, arguing that the company has not made a convincing case for the cuts. The dispute highlights tensions between financial performance and workforce stability.
