Cisco to shed 14 percent of workforce
Cisco Systems announced today it would cut about 14 percent of its global workforce, or about 11,500 employees, as part of a widely expected reorganization.
The network-gear maker expects to save $1 billion a year by eliminating 6,500 jobs, including 2,100 employees who opted to participate in an early retirement program. The cuts, which were greater than the rumored figure circulating last week, include a 15 percent reduction in employees at the vice president level or higher, the company said.
The San Jose, Calif.-based company also plans to eliminate about 5,000 jobs by selling its … Read more