With Plan, Cisco Set for Big Job Cuts

(Ping! Zine Web Hosting Magazine) – As part of a cost reduction plan, computer technology corporation Cisco is set to lose nearly nine percent of its current employees.

The news comes as Cisco is looking to cut one billion dollars from the company’s budget.

In a press release concerning the matter, Cisco stated, “To fully realize Cisco’s potential we know we must make some very important operational changes and clearly define our network- centric strategy.  We are moving quickly to focus our product portfolio, simplifying our operations (including significant cost reductions), and allocate our capital in the most productive way possible.”

Another part of Cisco’s plan includes selling its Jaurez, Mexico manufacturing facility to Foxconn, a Taiwanese-based electronic manufacturer.

The layoffs account for a total 6,500 employees. However, Cisco says 2,100 of the employees will retire under a voluntary program provided by the company.

Cisco Systems is one of the world’s largest tech providers and is based in San Francisco, California