Cisco Systems to shed 1,300 jobs amid cost cuts
- 24 July 2012
- From the section Business
Cisco Systems is to lay off around 1,300 workers, as part of the company's ongoing austerity programme aimed at saving $1bn (£644m) a year.
The firm said the cuts were being implemented to simplify its operations and adjust to changing economic conditions around the world.
The job cuts represent around 2% of Cisco Systems' 65,000 strong workforce.
Last year the firm, the world's largest maker of computer networking equipment, had shed 10,000 posts.
Cisco warned that growing economic uncertainty was creating an environment in which it was becoming increasingly difficult to clinch business deals.
John Chambers, the firm's chief executive, said the buyers of Cisco's networking equipment were becoming more reluctant to make large purchases, because of the uncertain economic conditions in Europe and other parts of the world, including India.
The company did not specify which operations will be trimmed in the latest job cuts.