Cisco began filling in employees Thursday about how they will be affected by the San Jose tech stalwart’s restructuring that’s poised to eliminate thousands of jobs worldwide.
SAN JOSE — Cisco began filling in employees Thursday about how they will be affected by the San Jose tech stalwart’s restructuring that’s poised to eliminate thousands of jobs worldwide, in a new setback for Silicon Valley.
The company intended to begin discussions with its worldwide workforce regarding the wide-ranging changes in store for Cisco and how the shifts might impact staffers, Chuck Robbins, Cisco’s chief executive officer, said during a conference call to discuss the company’s latest quarterly financial results.
“Cisco currently estimates that it will recognize pre-tax charges to its … financial results of approximately $600 million consisting of severance and other one-time termination benefits, real estate-related charges, and other costs,” the tech company said. Cisco’s actions are not merely job cuts for the sake of chopping expenses, emphasized Scott Herren, Cisco’s chief financial officer.
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