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Cisco May Cut About 5,000 Jobs: Analyst

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Purveyor Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-11-11 12:26 PM
Original message
Cisco May Cut About 5,000 Jobs: Analyst
Source: Bloomberg

Cisco Systems Inc. (CSCO) may begin one of its largest workforce reductions in August by eliminating about 5,000 jobs, Gleacher & Co. said in a research report today.

Cisco Chief Executive Officer John Chambers said he planned to cut more jobs and drop less-profitable businesses after closing the Flip video-camera unit and firing 550 workers in May. The company will give an update on the cost reductions, including layoffs, on our next earnings call, Karen Tillman, a spokeswoman, said in an e-mailed statement today.

--CLIP
Cisco may eliminate positions in the consumer-product unit, which makes Linksys home-networking equipment, Marshall said. Some investors have said the company should exit consumer products entirely to focus on traditional enterprise offerings such as routers and switches. Ciscos equipment is used by corporate networks and telephone and Internet service providers to direct Web traffic.

The company is also reorganizing management to streamline its business and focus on areas of growth, Cisco said in May. To speed decision making, the company organized field operations into three geographic regions and reformed a council-style management structure.

Read more: http://www.bloomberg.com/news/2011-07-11/cisco-may-cut-...
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ck4829 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-11-11 12:32 PM
Response to Original message
1. Cisco is one of the corporations pushing for a 'repatriation holiday'
Edited on Mon Jul-11-11 12:33 PM by ck4829
They have money, lots of money, in offshore tax shelters and they want to bring it home tax free. So, rather than bring that money home and save those jobs, but pay taxes on it; they would instead just cut all those jobs? Unbelievable.
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infidel dog Donating Member (186 posts) Send PM | Profile | Ignore Mon Jul-11-11 04:03 PM
Response to Reply #1
2. Is this where the smarmy hipster voiceover intones
"Cisco, the human network"? These characters are the worst corporate scum. Working to produce surveillance systems for China and afflicting the public with teeth-grindingly bad commercials. Maybe their next ads can drop cute li'l Ellen Page in a police work camp, permanently.
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