Employment News
Cisco Systems plans to cut 16 percent of its ovderall workforce, about 8,000 employees. The networking giant cited concerns of an increasingly troubled economy worsening as the main reason for the layoff plans.
The company announced on Friday that it would cut between 3,000 and 5,000 full-time positions. That is about 7 to 11 percent of its 44,000 full-time staffers. Cisco also plans to cut between 2,500 and 3,000 part-time worker. Currently, Cisco employs 4,000 temporary workers.
News of the layoffs was leaked by Thursday. On Friday, Cisco’s stock dropped 10 percent.
“We’re taking these steps because of the continuing slowdown in the U.S. economy and initial signs of a slowdown expanding to other parts of the world,” Cisco Chief Executive John Chambers said in a statement. “We also now believe that this slowdown in capital spending could extend beyond two quarters.”
The company also said it plans to cut costs, such as travel and marketing.
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