Cisco To Cut 5% of Workforce
New York – United States technology giant Cisco said on Wednesday that it would be forced to cut around 4 000 jobs. The company, which has a huge global presence, said the cuts need to be made because of the slower than expected economic recovery and disappointing conditions in emerging markets.
Chief executive John Chambers (featured in image) reportedly told analysts that while the market in the US is getting better, this is offset by the situation in the emerging markets. He said the company has to respond quickly to rebalance its staff to match growth.
He did however add that some of the retrenched workers will be rehired in other posts.
“I have learned in this industry you lead with your mind, not with your heart,” Chambers was quoted as saying.
Wednesday’s announcement makes this year the 3rd consecutive year that the company has downsized.
Source: www.sabreakingnews.co.za
Image Source: Wikimedia COmmons
Posted by: Natalie Simon August 15, 2013
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