Cisco Slims Down Its Workforce

[ECTNews]

 Cisco may shed as many as 10,000 jobs, or about 14 percent of its workforce. The cuts are meant to revive profit growth; as many as 7,000 jobs could be eliminated by August. Cisco is also providing early retirement packages to about 3,000 workers who accepted buyouts. Eliminating jobs will help Cisco save $1 billion in fiscal 2012, the company said in May. In its quarterly filing, Cisco projected costs of $500 million to $1.1 billion in the fiscal fourth quarter as a result of the voluntary early retirement program. It will provide detail on the cost reductions in August.