Cisco announces more job cuts – 1,300 staff to go
Computer-networking equipment maker Cisco Systems Inc is to shed 1,300 jobs, as a result of the European debt crisis and staid sales in the face of weaker corporate spending, a year after announcing thousands of layoffs.
These latest job cuts represent 2pc of Cisco’s 65,000 employees.
The cuts are part of a continuous process of simplifying the company and assessing the economic environment in certain parts of the world, Cisco said in a statement yesterday. It not specify what parts of the company will lose the jobs.
“We routinely review our business to determine where we need to align investment based on growth opportunities,” the San Jose, California-based company said in a statement.
“Additionally, we continue to evaluate our organisational structure as part of our plan to drive simplicity, speed of decisions and agility across Cisco.”
These cuts follow last year’s news of the loss of some 6,500 jobs, or 9pc of Cisco’s full-time workforce, to help reduce US$1bn in annual costs and increase profit growth.
Shares in the company have fallen 11pc this year.