Cisco's second layoff of 2024 affects employees
Cisco's second layoff of 2024 will impact about 5,600 employees, following a previous reduction of 4,000. Despite strong revenue, criticism surrounds the company's handling of layoffs and executive compensation.
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Cisco has announced its second layoff of 2024, impacting thousands of employees as part of a broader strategy to reduce its workforce by 7%, equating to approximately 5,600 jobs. This follows an earlier layoff in February that affected around 4,000 employees. The company has faced criticism for its handling of the layoffs, including a month-long delay in notifying affected staff, which some employees described as creating a toxic work environment. The layoffs also extend to Cisco's Talos Security unit. Despite these cuts, Cisco reported strong financial performance, with nearly $54 billion in annual revenue for 2024, marking its second-best year on record. CEO Chuck Robbins received nearly $32 million in compensation in 2023, raising questions about whether executive pay will be adjusted in light of the layoffs. Cisco stated that the layoffs are intended to allow for investment in key growth opportunities and to enhance operational efficiencies.
- Cisco's second layoff of 2024 affects around 5,600 employees.
- The layoffs follow a previous reduction of 4,000 jobs earlier in the year.
- Employees reported a toxic work environment and criticized the company's communication regarding layoffs.
- Cisco's financial performance remains strong, with nearly $54 billion in revenue for 2024.
- Questions arise about potential adjustments to executive compensation following the layoffs.
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