Tuesday, July 12, 2011

Cisco: Layoff Speculation Mounts

The rumors of job cuts at networking giant Cisco Systems, Inc. (CSCO) is gaining momentum. The company could cut as many as 10,000 jobs, which amounts to about 14 per cent of its workforce in order to reduce costs and revive profit growth. Cisco announced this spring that it was aiming to save $1 billion in the fiscal year 2012. According to the Bloomberg report, "The cuts include as many as 7,000 jobs that would be eliminated by the end of August, said the people, who asked not to be identified because the plans aren't final. Cisco is also providing early-retirement packages to about 3,000 workers who accepted buyouts, the people said."

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