(Bloomberg) -- Cisco Systems Inc., the biggest maker of equipment that runs the internet, plans to cut about 7 percent of its workforce, trying to recast itself as a provider of software-based systems and services.
The company will eliminate 5,500 positions from its workforce of more than 73,700, Cisco said Wednesday in a statement. Savings from the job reductions will be invested in newer businesses that Cisco expects to fuel sales growth, such as cloud computing and connected devices. The company said it will take charges totaling about $700 million associated with the restructuring.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access