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Cisco Systems on Monday shed 11,500 jobs from its payroll
Jesus, that's a good chunk of people.
between layoffs and a move to sell a plant to Foxconn.
More outsourcing. Time to kill any tax breaks they may get from this. Slime!
Cisco Systems on Monday shed 11,500 jobs from its payroll between layoffs and a move to sell a plant to Foxconn.
The company had been expected to cut 5,000 to 10,000 jobs, but wound up laying off or potentially transferring a total of 11,500 workers.
According to Cisco, the workforce cuts break down like this:
- 6,500 job cuts, including 2,100 employees who took early retirement.
- Of that sum, 15 percent of vice president and above employees were cut.
- 9 percent of Cisco’s workforce was hit, but that excludes the sale to Foxconn.
- Employees will be notified in the first week of August.
As a result, Cisco will take charges of $1.3 billion in upcoming quarters. The first installment of that charge—$750 million—will be recognized in the fourth quarter.
The sale to Foxconn —announced separately—rids Cisco of a set-top box manufacturing facility. Cisco had 5,000 workers there who will be transferred to Foxconn. Cisco said no layoffs are expected.
