“Cisco Systems plans to cut 15 percent of its jobs and sell a factory as part of a plan to cut annual expenses by $1 billion as the network equipment maker tries to revive its fortunes,” Sinead Carew and Poornima Gupta report for Reuters.
“The cuts are deeper than what financial analysts expected. The company said on Monday that it will cut 11,500 jobs, compared with the several thousand that analysts predicted,” Carew and Gupta report. “The cuts come after Cisco’s chief executive John Chambers said in April that the company lost its way.”
“The company had 73,408 employees as of the end of the last quarter, a spokeswoman said,” Carew and Gupta report. “Cisco will transfer 5,000 to contract manufacturer Foxconn which will buy a Cisco plant in Juarez, Mexico. Of the other 6,500 who are leaving, 2,100 will get early retirement.”
“It is also one half of a bigger blow dealt to U.S. companies on Monday,” Carew and Gupta report. “The announcement comes on the same day that Borders Group Inc, the second-largest U.S. bookstore chain, canceled its bankruptcy auction plans and said it would close for good. Nearly 11,000 people will lose their jobs.”
“About 15 percent of Cisco executives at the level of vice president and higher will lose their jobs too,” Carew and Gupta report. “Cisco will notify U.S. and Canada-based employees who are losing their jobs in the first week of August. The layoffs in other countries will take place later than this in compliance with local laws and regulations, Cisco said.”
Read more in the full article here.
[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]
How sad given the state this economy is in. I feel for those people and hope that they all end up ok (employed again).
wow – someone is quoting sarah palin – i think she can see Russia from where she lives.
People blaming Obama for borders downfall; show the general ignorance of a lot of Americans’. Borders were in trouble a long time before Obama, because there business model is flawed. In fact Amazon and Apple have helped drive the nail in the borders chian. Nothing to do with the presidents at the time.
Using the same argument these tea party freaks use, apple is only successful because of Obama – since he is president whilst apple profits continue to rise. Obviously that isn’t true – apple is a great company – but you can see my point.
Great companies succeed in average times, poor companies fail. As warren buffet says, its only when the tide turns, do you see who is swimming naked. In this case borders and cicso were swimming naked.
As for the debt ceiling – it has risen over 100 times since 1917 and even 7 times under George w. These are not new problems that Obama has created, so stop the propaganda regardless which side you are on. And here I am, thinking apple users were generally smarter than the rest of the population.
This is an apple forum – apple helped the demise of borders – not the government
I think we have a Mole.
And when George Bush asked for the last debt ceiling to be raised, how many democrats voted for it? Didn’t Barry say it was “a failure of leadership”!
Now, that racist, Sheila Jackson Lee rants “I do not understand what I think is the maligning and maliciousness [toward] this president. Why is he different?…In the minority community, that is the question that is being raised. Why is this president being treated so disrespectfully? Why has the debt limit been raised 60 times? Why did the leader of the Senate continually talk about his job is to bring the president down to make sure he is unelected?….I am particularly sensitive to the fact that only this president — only this one, only this one — has received the kind of attacks and disagreement and inability to work, only this one…. Read between the lines.”
How about just learning to read period you stupid bitch. Yeah, Bush was never attacked and no one ever disagreed with his policies and direction he took the country… after all, he was selected not elected, right?!
Sheila Jackson Lee you ignorant disgusting POS! That’s a take on SNL’s “Jane, you ignorant slut!”.
How many Dems voted in 2006 for Bush’s last debt-ceiling being raised?… ZERO! including Obama and Biden!
“What he won’t mention is that in March of 2006, under President George W. Bush, when Democrats were in the senate minority, then-senator Barack Obama voted against raising the debt ceiling. So did every single one of his Democratic colleagues.” – http://nymag.com/daily/intel/2011/04/democrats_suddenly_regret_voti.html
what has your rant got to do with my comments? I said both sides have raised the debt ceiling and both sides are at fault.
Are you sure you posted to the right site? This is Mac Daily News. We talk about Macs here. You know, iPads, OS X, new iPhone releases…
No? OK, well, I hope you find your site.
considering i was talking about how borders downfall is attributed to apple and amazon, yes im sure im on the right site. I just had to also debunk the people who blame govt.
No, I get you. I thought your comment was on topic. I was just responding to the same post you were responding to. They seemed to be lost in a political blog somewhere.
Thanks for the clarification, tho:)
Oh I just love when this forum turns into a political debate. It just makes me laugh because aren’t we supposed to be talking about apple not whoever we support politicaly? Come on people keep it real.
I’ll ask this once – what does this have to do with the MAC. After all, this is MAC daily news!
This is MAC daily news… Mean Assholes Congregate or MAC… and I am Blessed to be the meanest asshole!
From reading these posts, it seems Republicans have an paranoid obsessive hatred of taxation. What do you think pays for absurdly massive military budget you dopes!
Cut your military budget in half permanently and you will be well on the way to fixing your economic woes.
Did any of you know that America is not mentioned in end-time Bible prophesy?
She is under God’s judgment and like ancient Rome, will not survive, especially since she has decided to throw Israel under the ‘Islamic’ bus thanks to that Manchurian candidate, the crypto-Muslim, BHO.
Are you serious? That kind of hate mongering just makes Christians look bad. Shame on you.
And what does that have to do with Mac Computers anyway? Are you just surfing the net to see where you can spill your hatred?
I logged onto this site for Mac News. ???
It is very unfortunate that this particular MDN forum turned into an unnecessary political shouting match.
i am astounded at the folks writing about Obama here. They say they don’t want big government, they want a free market then when two not-very-innovative companies announce closing stuff, they blame Obama. This is what I call American’t and is led by Republican’ts.
For the love of God will someone at MDN cut any post which does not relate to the topic. I’m a political person but I realise this is a site about the company which produces my favourite products. If I want to get political I’ll find a site which provides me with that outlet for my prejudices. The level of debate here would shame a mentally confused chicken called Maurice.
I was under the impression the job losses at Cisco were from their worldwide workforce. Not quite sure how it’s a reflection on the US economy that they’ve downsized, they have been overstaffed for some time. They’ve also tried to diversify, which has led to the core business being neglected. John Chambers is right to try and streamline the company back in order to concentrate on the products that made it grow so large in the first place.
Let’s face it, if Cisco stagnated and became the next Nokia you’d all have much much more to worry about.
And Borders? Bookshop goes to the wall shock!! What next, a record store closing down?
Debt = Economic Enslavement
@gedboy above
New to MDN, you are!?!
Let me spell it out to you …
MDN is a swamp pit for foaming at the mouth, twisted logic Obama haters; bigots who even give red-necks a bad name.
The blindside to all this hate is the thought that is only recently being understood; but unspoken, the unimaginable but undeniable realisation of an unthinkable fact! … the imperium of the United States of America is in shocking decline; the almighty international powerhouse is rapidly decaying.
The times, they are a changin, It started in the early ’90s and continue, more malfeasance destiny rather than manifest.
Apple; sublime as they are, represent a glorious last stand.
Long live apple.
My my my…the kids are turning on each other and looking for someone to blame. Why are you guys crapping on your president? When an article from RIM comes out y’all sure like to crap on and joke about the company and its management. When it is Cisco, why the change of perception? Could it be Cisco was not managed properly? Should their all knowing, high paid VPs etc not be accountable?
You guys are something else……
I think this is the begining of recession, last time in 2008 Spice jet has done like that….and recession has started…………
Obama is an empty suit.
If you cannot see that clearly by now, you’re blind.
Hey, how ’bout those Apple computers? Pretty good, eh?
Anyone who thinks the failures of this administration can be blamed on one individual or one political party is seriously delusional. The whole system is broken, rotten to the core. Greed and corruption have already disabled the ship in deep water. It just hasn’t sunk to the bottom yet. Meanwhile, the thieves and liars in gov’t and finance have looted the vaults and are scrambling for the lifeboats, leaving the rest of us to drown. The whole show is coming apart at the seams. Is it really possible that most people still don’t realize that this is happening right in front of us?!
Obama is lost. A one-term mistake. Most of those who voted for him have admitted it subconsciously, at least.
So you’re admitting that you’re delusional? Better seek professional help soon!
Huh? I most certainly did not vote for Obama. I’m not stupid. I saw though him immediately. No substance and a fawning media drooling all over him. Disgusting period in American history. The media failed the country. They did not do their job. Instead, they acted like a free advertising firm for someone hopelessly inexperienced and far to the left of the mainstream.
Obama’s approval rating this month is 46% with 48% of voters disapproving of him. There are 2 things particularly troubling in his numbers: independents split against him by a 44/49 margin, and 16% of Democrats are unhappy with the job he’s doing while only 10% of Republicans give him good marks.
Obama’s numbers are worse than they appear to be on the surface. The vast majority of the undecideds in all of these match ups disapprove of the job Obama’s doing but aren’t committing to a candidate yet while they wait to see how the Republican field shakes out. For instance if you allocate the undecides based on their approval/disapprove of Obama, Romney would lead 52-48.
“There’s a very good chance Barack Obama would lose if he had to stand for reelection today,” said Dean Debnam, President of Public Policy Polling. “This is his worst poll standing in a long time and he really needs the economy to start turning around.”
Click to access PPP_Release_National_720925.pdf
JOBLESS JUMPS AGAIN, RISES TO 418,000; 15TH STRAIGHT WEEK ABOVE 400K
http://www.reuters.com/article/2011/07/21/us-usa-economy-idUSTRE7662I420110721