Cisco Systems is reportedly planning to cut about 14,000 jobs, representing nearly 20% of the US technology company’s global workforce. Cisco, which had more than 70,000 employees as of 30 April, declined to comment. The new London site, which created more than 200 jobs, is one of six Cisco has in Great Britain, with a combined headcount of up to 7,000 employees. But the profit margin on such hardware has been eaten away by commodity providers such as Taiwan’s Edimax Technology, forcing Cisco to seek greener pastures elsewhere. Up until Tuesday’s close of $31.12 on the Nasdaq, the company’s stock had risen about 15% in 2016, compared with a 10.5% increase in the Dow Jones US Technology Hardware and Equipment index.

Source: The Guardian August 17, 2016 03:14 UTC