Nokia Siemens will cut nearly a quarter of its work force in a broad restructuring to focus on mobile broadband.

Rajeev Suri, chief executive of the joint venture owned by Nokia Corp. and Siemens AG, said the company would cut 17,000 jobs globally, or 23% of its work force of 74,000, to save €1 billion ($1.35 billion) in annual costs by 2013—double its current target.