Cisco To Cut Thousands Of Jobs

Word the street is that router giant Cisco is about to cut 14 percent of it’s worldwide workforce which is thought to be around ten thousand people.

The reports are saying that seven thousand people will be given pink slips by the end of August; and the other three thousand unfortunate souls will take an early retirement option.

It seems as though many companies go this route when the executive team does not adjust to the changing technology market; they try to boost profits in the short-term by firing those who have worked so hard for the company. That said, the massive cuts are expected to save Cisco about $1 billion in 2012. A company spokesperson told Bloomberg that additional cost cutting procedures will also be instituted.

Read More….