More Cisco Jobs Lost As 1,300 Staff Shown The Door
Two percent of Cisco’s workforce are affected in the latest round of restructuring
Cisco has announced another round of job cuts at the company, affecting two percent of its global workforce.
It has called the cull a set of “limited restructurings” that will see 1300 staff lose their jobs, but it has not disclosed which part of the company will suffer. The job losses form part of a continuous process to simplify the company and assess the economic environment in certain parts of the world.
Cisco had 65,223 employees at the end of the third quarter, but has shed nine percent of its workforce since the middle of 2011.
The redundancies are part of a wider restructuring and streamlining of Cisco’s business, which began last summer, following a series of disappointing quarters. It said that reorganisation and job cuts were likely, with 6,500 employees made redundant in August last year.
CEO John Chambers said the majority of the restructuring had been completed last November as revenues increased and forecasts improved. Cisco said the plan was to focus on expanding markets, but the improvements have not been enough to prevent today’s job losses.
The restructuring has affected all levels of the company, with its upper management team streamlined last month. The major casualty was strategy officer Ned Hopper, who ran Cisco’s £1.3 billion investment arm and oversaw many of its key acquisitions.
He left to form a new investment company, which Cisco says it plans to partner with.
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