Not in an effort to outsource labor, but to cover potential losses.  Other companies are squeezing the market and to be able to compete Cisco may need to eliminate as many as 10k jobs or 14% of workforce.  5,800 early retirement packages have been offered, but close to 3k are expected to be accepted.  The rest would be completed with the layoff of 7k employees.

 

Full article:

http://www.bloomberg.com/news/2011-07-11/cisco-may-cut-about-5-000-jobs-in-august-gleacher-analyst-says.html

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