The downturn and its melting down of the economy hasn’t spared anyone it seems!

Nokia, the mobile phones giant, said on today that it is planning to eliminate 1,700 jobs – amounting to about 3 percent of its work force. This comes as demand for mobile phones continued to come down.

The layoffs will happen in Nokia’s devices and markets divisions, which is the division which produces, markets and sells mobile phones. This is the unit which represents long-term corporate strategy of the firm.

The job cuts, are part of the Nokia’s plan to trim its annual operating expenses by $907 million, by the end of 2010. This would end up saving about 11% of the total expenses