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Tuesday, July 19, 2011

Cisco to lose around 6,500 employees

Networking giant Cisco says it’s cutting approximately 6,500 jobs from its businesses worldwide, which will account for around 9% of the company’s jobs. This figure includes approximately 2,100 employees who’ve chosen early retirement.

The move is part of the company’s previously-announced plan to cut annual costs by $1 billion, to simplify the organization and to refine its operations.

In addition, Cisco’s set-top box manufacturing facility in Mexico is being sold to Foxconn Technology Group, with around  5,000 people becoming employees of Foxconn. Flip, Cisco’s video camera business, was earmarked for closure in April.

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