Cisco layoffs begin with hundreds of job cuts in California and more expected
By Levi Sumagaysay
Cisco Systems Inc. has begun previously announced layoffs, cutting nearly 700 jobs in Silicon Valley last month, according to filings with the state of California this week.
Cisco executives announced a "limited business restructuring" in November that they said would affect about 5% of Cisco's (CSCO) global workforce of about 80,000 which amounts to about 4,000 people. The filings with the state's Employment Development Department appear to be the first in California since that announcement.
The layoffs extend across many departments and include positions in software and hardware engineering, program management, product design, marketing and more. The number of employees affected at the company's San Jose, Calif., headquarters totals 371, while 222 employees are losing their jobs in nearby Milpitas and 80 employees are being cut in the company's San Francisco office, according to the filings with the state. The notices said employees were notified in early December and were given a choice of an effective termination date of either February 1 or March 13.
See: 'It was not sustainable or real': Tech layoffs approach Great Recession levels
Cisco is just one of many tech giants laying off workers as the industry -- along with others -- undergoes a downturn and in some cases reverses the hiring it did during the coronavirus pandemic. This week, Amazon.com Inc. (AMZN) announced that it would cut more jobs than previously thought, from 10,000 to 18,000, and analysts are calling for even more. And Salesforce Inc. (CRM) announced it would slash 10% of its workforce, or about 8,000 employees.
A spokesman for the networking products and systems company did not immediately return a request for comment Thursday.
Also: Opinion: Amazon cuts jobs to reset tech giant after monster growth in the pandemic, but investors still worried
-Levi Sumagaysay
(END) Dow Jones Newswires
January 05, 2023 16:06 ET (21:06 GMT)
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