Posted on 07/10/2009 6:02:09 AM PDT by Red in Blue PA
Cisco Systems is in the process of cutting between 1,500 and 2,000 jobs. according to an reportfrom Thomas Weisel analyst Hasan Imam.
A Cisco [CSCO 18.17 --- UNCH (0) ] representative was not immediately available to comment on the report, which also said that the company could exceed its plan to cut annual costs by $1 billion with job cuts.
"Our checks indicate Cisco is aggressively managing expenses as management navigates through the downturn," Imam said in the research report.
The analyst said that on top of cuts such as reducing travel budgets and cutting variable compensation he believed that "further cuts including a headcount reduction of about 1,500 to 2,000 persons is underway currently."
(Excerpt) Read more at cnbc.com ...
Under Obama? Riiiggghhht!
Hope is the only thing we are likely to have left when the Democrats are finished changing (aka bankrupting) this country. Unfortunately, the left actually intends to make America a second-rate nation. In their eyes, that is the only way they can they save the environment, stop global warming, make restitution for perceived past sins, stomp out evil, white-dominated western culture, and create peace on earth through world government. God help us!
Don’t worry. The New York jokefest (er, senate) is hiring lots of folks.
Qualifications are not required.
Nor is talent.
There is ONE requirement, however.......
Cisco is a bellwether for the IT industry.
CIO’s are sweating the assets...
You must be Black or another minority.
Race is more important than skill.
My neighbor, who over the years has leaned conservative, became so disenchanted with Bush that he decided the he would vote for Obama. He works for Cisco. Could become interesting.
More Mansession (recession for men) news. Men are out of work at 10.5% while women are at 8%. Shovel ready became a jobs program for teachers, medical workers and librarians - all jobs with a majority of men...not. Cisco cuts jobs, based on the people that show up at the two biggest installs in Dallas, that looks like more guys losing jobs. Too bad a few republicans can’t tell a good story, but they all studied at the GM conference centers - now in bankruptcy.
If there was one thing fair about Black Thursday at Cisco, it was that layoffs hit everyone equally. If they were going to play favorites, they would have given special treatment to the Indian H1Bs (many of whom's jobs were transferred to India). They did not.
Even if I was one of those "impacted" by Black Thursday, I have to protest this comment. It WAS NOT done that way. They treated us all equal(ly crappy).
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