Cisco to lay off about 14,000 employees: tech news site CRN
Source: Reuters via Yahoo
Cisco Systems Inc is laying off about 14,000 employees, representing nearly 20 percent of the network equipment maker's global workforce, technology news site CRN reported, citing sources close to the company.
Cisco, which is due to report fourth-quarter results later on Wednesday, is expected to announce the cuts within the next few weeks, the report said.
Read more: http://finance.yahoo.com/news/cisco-systems-lay-off-14-012523244.html
Initech
(100,076 posts)LittleGirl
(8,287 posts)that's huge.
melm00se
(4,993 posts)no one has said how many will happen in the USA.
LittleGirl
(8,287 posts)workers, I would imagine that most of those will come from the states. No union in those jobs. And it's legal here.
melm00se
(4,993 posts)global companies have to have a significant presence in Asia.
Skittles
(153,162 posts)the majority will be AMERICA
melm00se
(4,993 posts)was high. their press release says 5500 (7% of their workforce).
mahatmakanejeeves
(57,459 posts)Company will incur $700 million of charges related to the cuts, which amount to 7% of its total workforce
By Don Clark
Don.Clark@wsj.com
http://twitter.com/donal888
Updated Aug. 17, 2016 6:50 p.m. ET
Cisco Systems Inc. is cutting 5,500 employees7% of its workforcein the networking companys latest reaction to market shifts, including customers favoring software over hardware.
The reduction beginning this quarter renews a pattern of midsummer moves to shed costs and make room to hire employees with new talents.
The job cuts, disclosed with its fiscal fourth-quarter financial results, mark the most dramatic move yet by Chief Executive Chuck Robbins, who a year ago assumed a position held for two decades by John Chambers, who remains the companys chairman.