Thousands of soon-to-be former Cisco employees will have reason to sing the summertime blues as the networking specialist gets ready to cut 15 percent of its workforce. Along with selling a manufacturing facility, the cost cutting moves are intended to save the company in the neighborhood of $1 billion and turn around its financial future.
According to Reuters , the massive job cut runs deeper than most financial experts were expecting. Cisco on Monday said it's handing out pink slips across its global workforce across all functions, eliminating 6,500 jobs in all, including 2,100 employees who took Cisco up on its offer of voluntary early retirement.
Cisco also announced an agreement to sell its set-top box manufacturing facility in Juarez, Mexico to Foxconn, makers of the iPhone and other high profile electronic devices. The facility employs around 5,000 people, all of which will become employees of Foxconn once the sale is complete.