Cisco May Cut About 5,000 Jobs: Analyst

(Bloomberg) Cisco Systems Inc. (CSCO) may begin one of its largest workforce reductions in August by eliminating about 5,000 jobs, Gleacher & Co. said in a research report today.

Cisco Chief Executive Officer John Chambers said he planned to cut more jobs and drop less-profitable businesses after closing the Flip video-camera unit and firing 550 workers in May. The company will give an update “on the cost reductions, including layoffs, on our next earnings call,” Karen Tillman, a spokeswoman, said in an e-mailed statement today.

Chambers is leading a turnaround at the world’s largest networking-equipment company as rivals including Juniper Networks Inc. (JNPR) and Hewlett-Packard Co. (HPQ) are pitching lower-priced, simpler products. Additional job cuts could trim operating expenses by about $1 billion annually and boost 2012 earnings by about 8 percent, said Brian Marshall, an analyst at Gleacher.

“The revenue trajectory hasn’t been where it should be,” Marshall, who has a “neutral” rating on the stock with a target price of $17, said in an interview. “The company is not staffed on an appropriate level. They simply have too many employees.” ......(more)

The complete piece is at: http://www.bloomberg.com/news/2011-07-11/cisco-may-cut-about-5-000-jobs-in-august-gleacher-analyst-says.html

nt

Keep up the sabotage. Great crapitalist system you got there, corporatists. Of course, to disattached cretins like them, it's all peaches and Dom!

The WORST years of my professional life, prior to starting my own business in June 2001, were spent at Cisco.

John Chambers is a two-faced FUCK. His "public face" is that of a benign, soft-spoken mix between Buddha and some kind of humble Southern gentleman.

NOTHING could be further from the truth.

After the layoffs in June 2001, which resulted in my leaving, Chambers was quoted in a local paper as saying that he didn't like the fact that employees were putting in 8 hours. He'd look out at the parking lot at 5 PM and it would piss him off that it wasn't filled to capacity, that the people who were laid off basically got what they deserved.

About a month before Cisco's June 2001 layoffs, I attended a department meeting. Juniper Networks...a major Cisco competitor...had just gone through layoffs. The director of my department cracked many jokes about this, leading the department in applause and catcalls. I thought "You USELESS motherfucker, these people have FAMILIES and MORTGAGES and now they're FUCKED."

But that's the Cisco Systems "corporate culture." They position themselves as do-gooders, but behind closed doors laugh their asses off over someone who just got kneecapped.

And in this meeting the director promised everyone in the department that there would be NO CISCO LAYOFFS.

A month later, there were Cisco layoffs, and a human sacrifice of 8500+ takes more than a month to orchestrate. This motherfucker was lying through his teeth.

And in 2011, he is still employed by Cisco.

The ONLY reason I've never written a book about my year and a half there was that I'd need to pay an attorney to review every word I wrote. If I told the truth, they could put me out of business.