Cisco Plans to Eliminate 1,300 Jobs in Drive to Cut Costs

http://www.bloomberg.com/news/2012-07-23/cisco-says-it-s-cutting-1-300-jobs-in-drive-to-reduce-costs.html

Cisco Systems Inc. (CSCO), the biggest maker of computer-networking equipment, plans to eliminate about 1,300 jobs, or 2 percent of the workforce, as Europe’s debt crisis and sluggish corporate spending threaten sales.

The cuts are part of a “continuous process of simplifying the company, as well as assessing the economic environment in certain parts of the world,” San Jose, California-based Cisco said today in an e-mailed statement.