Cisco to lay off about 14,000 employees: tech news site CRN

[melm00se]

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]

1. And how much is Cisco's CEO going to profit off this?

[LittleGirl]

2. 14k !!!! OMG

that's huge.

[melm00se]

3. that's worldwide

no one has said how many will happen in the USA.

[LittleGirl]

4. considering how Europe supports

workers, I would imagine that most of those will come from the states. No union in those jobs. And it's legal here.

[melm00se]

5. Don't forget that

global companies have to have a significant presence in Asia.

[Skittles]

8. when they say WORLDWIDE

the majority will be AMERICA

[melm00se]

6. so the 14K layoff number

was high. their press release says 5500 (7% of their workforce).

[mahatmakanejeeves]

7. Yes. From TWSJ.: "Cisco Plans to Cut 5,500 Workers"

Cisco Plans to Cut 5,500 Workers

Company will incur $700 million of charges related to the cuts, which amount to 7% of its total workforce

By Don Clark
[e-mail]
http://twitter.com/donal888

Updated Aug. 17, 2016 6:50 p.m. ET

Cisco Systems Inc. is cutting 5,500 employees—7% of its workforce—in the networking company’s 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 company’s chairman.