SAN JOSE, California — 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.
Terminations and severances are being eyed by Cisco to help “rebalance” its workforce, a potentially wrenching plan that includes shedding real estate and wide-ranging layoffs.
Cisco estimates that it will eliminate about 5% of its workforce worldwide, which could work out to a loss of more than 4,100 workers. That number arises from the 83,300 full-time workers that Cisco employed at the end of July 2022, as disclosed in a filling with the Securities and Exchange Commission.
