Cisco to Cut Thousands of Jobs in Its Biggest Layoffs in History

Cisco layoffs
Cisco layoffs

BOSTON – Cisco Systems Inc. is expected to cut thousands of jobs in possibly its worst-ever round of layoffs, to meet Chief Executive John Chambers' goal of slashing costs by $1 billion.

Four analysts contacted by Reuters estimated that the world's largest maker of network equipment will eliminate up to 4,000 jobs in coming months, with the average forecast at 3,000. That would represent 4 percent of Cisco's 73,000 permanent workers. It also has an undisclosed number of temporary contractors.