Cisco to eliminate 11,500 jobs

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Cisco to eliminate 11,500 jobs

Cisco Systems plans to eliminate about 6,500 jobs, or 9 per cent of its full-time workforce, to help trim $1 billion in annual costs and step up profit growth.

Cisco stated that the cuts include 2,100 employees who took a voluntary early-retirement program. As part of the move, the company expects to record pretax restructuring expenses of $1.3 billion. About $750 million will come in the fiscal fourth quarter and the remainder will be booked in fiscal 2012. Cisco also added it will sell a manufacturing plant in Mexico, transferring 5,000 workers.


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