Cisco confirms it will cut up to 5,500 jobs
US-based technology firm Cisco Systems has confirmed it will cut up to 5,500 positions, representing 7% of its global workforce, as a cost-saving measure. After reporting a 2% drop in revenue, Cisco said it is undergoing restructuring to transition from hardware to software-centric business. The job termination payments will cost Cisco about $700 million, which will begin early in 2017.