Cisco has revealed it intends to lay off nearly five percent of its workforce, or nearly 4,165 people.

As part of the downsizing, the networking giant will reduce its real estate holdings.

The corporation, situated in San Jose, is now undergoing “limited” restructuring.

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Despite the redundancies, Cisco still has several open positions.

The company expects its staff to be around the same size at the close of its fiscal year as it was at the start.

Cisco had 83,300 full-time employees at the end of the last fiscal year.

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Spokeswoman Robyn Blum said: “This decision was not taken lightly, and we will do all we can to offer support to those impacted.”

Blum did not respond quickly to queries about where Cisco wants to lay off workers or reduce its real estate holdings.

The firm has a major footprint in North San Jose and was among the first big tech companies to set up a base there.

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With the restructuring, the business expects to incur $600 million in severance and real-estate costs in the coming quarters.

Cisco is the latest tech titan to lay off employees or declare intentions to do so, after Meta Platforms, Twitter, and Intel.

The reorganization effort was revealed as part of the networking company’s fiscal first quarter report.

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Cisco is also the largest San Jose-based tech business to announce layoffs or a rethinking of its real estate needs.

The economic conditions have affected the region’s dominant tech industry. 

However, it joins a long list of other corporations that are either based in the Bay Area or have major operations to strive for cost cuttings.

Source: The Business Journals

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