Connect with us

Business

Cisco Plans To Lay Off 350 Employees Next Month

Published

on

Cisco Plans To Lay Off 350 Employees Next Month

(CTN News) – As part of the company’s ongoing restructuring process, Cisco is currently in the process of laying off more workers. In November 2022, the company announced that it would be conducting a restructuring plan, which resulted in these layoffs.

It has been reported that Cisco is planning to lay off 350 employees in Silicon Valley in October, according to an online report.By the end of October, Cisco will fire 227 employees from its San Jose office and 123 employees from its Milpitas office, according to a report by Light Reading.

As part of the report, it also revealed that a majority of the impacted employees are software engineers. In an interview with Light Reading, a spokesperson for Cisco stated that this was part of a “rebalancing effort” that had been initiated by the company as of November 2022.

This effort entails both a controlled restructuring of the company’s real estate holdings as well as the restructuring of approximately 5% of its workforce, which amounts to approximately 4,000 employees in total.

As a result of this rebalancing, we are prioritizing our investments to meet and exceed the expectations of our customers in a technology landscape that is constantly changing.

Despite this, we will continue to do everything we can to assist affected employees in finding open positions and providing extensive support, including generous severance packages,” the spokesperson said in a statement to Light Reading.

Last year, Cisco announced plans to cut 4,000 jobs

During the first quarter of 2023, Cisco plans to lay off 4,000 employees or about 5 percent of its workforce.

During Cisco’s earnings call, Scott Herren, the company’s chief financial officer, described these actions as a “rebalancing” exercise.

He is, however, of the opinion that this move should not be construed as just a cost-savings measure tied to reducing headcount, but rather as a strategic move for reallocating resources in a more efficient way.

Herres outlined the sectors where they expect to expand their investments, including security, platform transitions, and the expansion of cloud-based product offerings, as previously mentioned by Chuck, where they intend to enhance their investments.

According to him, there are only a few openings in these specific investment sectors of the economy, which is only a little less than what might be expected to occur as a result of the rebalancing that might affect positions in those sectors.

It is important to note that this indicates the company’s intention to carefully navigate the transition while still striving for growth in these critical areas during this time of transition.

SEE ALSO:

UBS Investor Survey Follows Credit Suisse’s AT1 Bailout

Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

Continue Reading