Expect 4000 to 7000 impacted. More managers and directors. AI bringing efficiency.
Brace for impact. Gather your swags.
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Op! You’re selling woof tickets! It is not 4-7K! It’s 2K+
Someone explained earlier that half of the money will be paid in countries where the severance and the layoffs are not strictly regulated by governments. Europe for instance has more protective laws and it will take time till those layoffs become effective
Do not forget that US is being kicked out of EU from technology perspective and soon Cisco will be replaced. US companies are now forbidden to bid on government projects there so that is another hit.
For the people making projections based on $1B having been designated for layoffs like those numbers are set in stone. So $450M was spent and now there is $550M left. Cisco has over $15B cash on hand what would stop them from adding to the $550M left for layoffs and releasing even larger numbers of people? As long as they report how they spend the money they have on hand in the quarterly and annual reports they can spend it any way they want.
My point is that you don't really know what they will be doing. They could also not spend all of the original $1B allocated and put that remainder back into the company. As long as it gets reported and the numbers add up they have a lot of options.
They could also cut severance to the bare minimum and release thousands more with the money already allocated... keep guessing.
Proof?
@e9 What “data” are you looking at? You gave some pretty pointed info, which is great to know….if true. I’m just not sure the “data” you are looking at actually exists. Maybe you could figure a general number based on how much of the LR money is still to be spent, but to give a number higher than this past LR AND a list of job levels and jobs areas, that seems like a serious stretch….unless you are Fran.
Will there be impacts globally? emea ?
August 12 is approximately 4,890 based on the data . Mostly US/Can, nontechnical managers, pm, coordinators.
hahahahaha - AI isn't bringing actual efficiency. It's just the popular scapegoat right now for LRs.
Cisco is always lagging with these trends, so while other companies have already realized the honeymoon phase is over, it'll take Cisco another 6-12 months to stop obsessing.
More managers and directors. AI bringing efficiency.
looking forward to it.
why? the stock is up after the last sacrifice for shareholders!
this was already confirmed in the last earnings call that it will be in the 5000 range. $1b set aside for layoffs but only $450m used to let 4000 go in Q4, and they said the remaining $550m will be used later. this is the later. so this isn't exactly news. and also, plenty of ICs were impacted last round too, wasn't just management.
location
Eventually the luck turns and bad folks get included.
Hope they lay off the useless SE managers in the U.K. Waste of space excel experts with chronic verbal diarrhoea. I could never figure who hired these people to be managers and why they still gave a job. Legacy of CP. Disgraceful.