Cisco ditches 6,500 jobs

Troubled networking vendor Cisco has confirmed it is to make large-scale redundancies across the business next month. Reports emerged last week that the firm was on the verge of handing round the pink slips as it looks to trim a billion dollars fromits cost base. In a filing with the SEC, Cisco last

redundancies.jpgTroubled networking vendor Cisco has confirmed it is to make large-scale redundancies across the business next month.

Reports emerged last week that the firm was on the verge of handing round the pink slips as it looks to trim a billion dollars from its cost base.

In a filing with the SEC, Cisco last night said it would reduce its global workforce "across all functions" by 6,500, including 2,100 who have elected to take early retirement.

This figure amounts to roughly nine per cent of Cisco's total worldwide employees.

Cisco employees will learn of their fate in early August. It is not yet known how many will be leaving the UK operation.

The firm added that, partly as a result of the job cuts, it will take a pre-tax restructuring charge of around $1.3bn over "several quarters" with approximately $750m expected to hit during Q4.

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