Cisco To Slash Up To 6,000 Jobs -- 8% of Its Workforce -- In "Reorganization"

alphadogg (971356) writes Cisco Systems will cut as many as 6,000 jobs over the next 12 months, saying it needs to shift resources to growing businesses such as cloud, software and security. The move will be a reorganization rather than a net reduction, the company said. It needs to cut jobs because the product categories where it sees the strongest growth, such as security, require special skills, so it needs to make room for workers in those areas, it said. 'If we don't have the courage to change, if we don't lead the change, we will be left behind,' Chairman and CEO John Chambers said on a conference call.

Comments

I have a better idea

[slashmydots]

They need to shift focus on lowering prices and not letting the NSA spy on people.

Re:While Buying Back $1.5 Billion In Stock

[luis_a_espinal]

http://www.zerohedge.com/news/...

One cannot blame Cisco since, like any company, it will operate at the margin of the law irrespective of the consequences to the national economy. A country's economy is an national strategic asset not a free-for-all playground. Hell, this concept is not anathema to reasonable interpretations of capitalism. A balance must exist between allowing companies to flourish without falling in cannibalism (stakeholder capitalism vs shareholder capitalism kinda thing.)

That balance is lost in this country. Or perhaps it never had it but it was never a problem until globalization and other factors kicked in.

Regardless, this is another reason to tax capital gains the same (or as close) as income. This buy-back (on top of the layoffs) is pretty much a swap from income gains to capital gains which are taxed more favorably.

Or better yet, this is another reason to revamp our entire tax system : close all loopholes (including offshoring ones), lower tax brackets (both capital and income) while broadening the tax base and/or implement a value-added tax, eliminate double taxation, don't penalize companies from moving capital and operations abroad, BUT instead create incentives for *all* companies (national and foreign) to invest locally.

This Cisco thing is just a symptom of a greater malady.

Re:While Buying Back $1.5 Billion In Stock

[AmiMoJo]

One cannot blame Cisco since, like any company, it will operate at the margin of the law irrespective of the consequences to the national economy.

To be fair, the country screwed them. The NSA's spying has cost Cisco a lot of money. I expect they will try to move more jobs and manufacturing overseas soon.