Cisco Systems (CSCO) could eliminate as many as 10,000 jobs, or about 14% of its workforce,...


Cisco Systems (CSCO) could eliminate as many as 10,000 jobs, or about 14% of its workforce, Bloomberg reports, double the amount in earlier speculation. Cisco warned in May that it planned to trim its workforce as part of a plan to cut $1B in annual costs but has not disclosed how many jobs would be cut. CSCO +0.3% premarket.

From other sites
Comments (7)
  • pockyclips 2020
    , contributor
    Comments (634) | Send Message
     
    Cutting 10k jobs while sitting on a mountain of cash.
    So much for worker loyalty.
    Makes as much sense as threatening to default on our debt.
    12 Jul 2011, 08:55 AM Reply Like
  • Duude
    , contributor
    Comments (3413) | Send Message
     
    No matter what you think, the company is in service of ownership, not the employees. The employees are the means to a goal, not the goal. If it were otherwise, they ought to take it private and spend down their cash hoard in support of their employees. We could put that on their tombstone.
    12 Jul 2011, 09:05 AM Reply Like
  • montanamark
    , contributor
    Comments (1455) | Send Message
     
    dont worry its all part of the obama/geithner recovery program

     

    or joe biden summer of recovery II
    12 Jul 2011, 09:07 AM Reply Like
  • KillerKev24
    , contributor
    Comments (18) | Send Message
     
    Its Obama's fault, he is anti-business!! This is why they need to lower the coporate tax rate!
    *sarcasm*
    12 Jul 2011, 09:13 AM Reply Like
  • Run26.2
    , contributor
    Comments (19) | Send Message
     
    Make sure that the CEO's pay is not cut! Just think how poorly the CSCO would do if his morale went down.
    12 Jul 2011, 09:45 AM Reply Like
  • alpharox
    , contributor
    Comments (380) | Send Message
     
    This is a crime.

     

    As much as I like alpha, cutting jobs while sitting on $43 billion (that's BILLION) of cash is a crime. C-R-I-M-E.

     

    The 1st to go should be the CEO.

     

    Why not cut the top 10,000 by pay - they're clearly the ones who have failed the company.
    12 Jul 2011, 11:10 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3527) | Send Message
     
    Not going to help future unemployment reports.
    12 Jul 2011, 11:23 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs