Cisco latest tech company after Twitter, Amazon, Meta to lay off employees; fires over 4,000

IT and networking multinational company Cisco has let go of over 4,000 people in the latest round of layoffs, people aware of the matter have told Business Today. The company plans on terminating 5 per cent of its employees out of its roughly 83,300 strong workforce.

“In the current downsizing round, Cisco has laid off 5 per cent, which means roughly 4300 people. Company is actively cutting costs,” a person aware of the matter said.

Also Read: Salesforce employees brace for a fresh round of layoffs under new management - BusinessToday

Several other employees of the company who were laid off took to the social media platform Blind to confirm their termination.

One such impacted employee posted that around 45 people from his team were fired. The post read, “Impacted by Cisco layoffs today. In our org infrastructure and cloud services, about 450 employees were impacted (sic).”

Another employee working in the product team of Cisco noted that employees have two options for the last working day, February or March. Employees choosing the February date as their last working day would get one month's pay extra.

Also Read: 'No Jobs November': Facebook, Amazon, Twitter firings add to near 38,000 layoffs globally - BusinessToday

The employee said, “The laid off employees get to choose if they want their last day in Feb or Mar. 6 months severance starts from today though. So if they leave on Feb, 4 more months of pay, and if they leave on Mar, 3 more months (sic).”

Another employee highlighted that the layoffs have been across business units and have not been limited to specific operations.

“It's (layoffs are) across all BUs,” the techie said. It is worth noting that the company had announced last month that it would downsize its workforce to cut down on costs amid the ongoing economic slowdown.

Also Read: Amazon starts firing employees - BusinessToday

In a regulatory filing filed earlier this year, the company said, “Steps are being taken in order to rebalance the organization and enable further investment in key priority areas. This rebalancing will include talent movement options and restructuring.” 

Business Today has reached out to Cisco for comments. The copy will be updated with their response.

Also Read: Microsoft, Amazon, Facebook, Netflix: Economic slowdown forces big tech to cut jobs - BusinessToday