Cisco’s second layoff of 2024 affects thousands of employees

The California DOOM LOOP is continuing.  For many months we had the highest unemployment rate in the nation.  Last month Nevada edged us out—we are now number two.  But, we are trying hard to regain the worst in the nation unemployment rate.  Cisco is doing its part to regain the title.  Since the first of the year, Cisco has fired over 10,000 workers.  That is just one company.

“The technology and networking company announced in August that it would reduce its headcount by 7%, or around 5,600 employees, following an earlier layoff in February, in which the company let go of about 4,000 employees. 

As TechCrunch previously reported, Cisco employees said that the company refused to say who was affected by the layoffs until September 16. Cisco did not give a reason for the month-long delay in notifying affected staff. One employee told TechCrunch at the time that Cisco’s workplace had become the “most toxic environment” they had worked in.”

Until we change Sacramento, things will continue to get worse.  It is up to the voters to decide if they want to save California—or move from California.

Cisco’s second layoff of 2024 affects thousands of employees

Zack Whittaker. TechCrunch,  9/17/24  https://techcrunch.com/2024/09/17/ciscos-second-layoff-of-2024-affect-thousands-of-employees/

U.S. tech giant Cisco has let go of thousands of employees following its second layoff of 2024. 

The technology and networking company announced in August that it would reduce its headcount by 7%, or around 5,600 employees, following an earlier layoff in February, in which the company let go of about 4,000 employees. 

As TechCrunch previously reported, Cisco employees said that the company refused to say who was affected by the layoffs until September 16. Cisco did not give a reason for the month-long delay in notifying affected staff. One employee told TechCrunch at the time that Cisco’s workplace had become the “most toxic environment” they had worked in.

TechCrunch has learned that the layoffs also affect Talos Security, the company’s threat intelligence and security research unit. 

Cisco said in its August statement that its second layoff of the year would allow the company to “invest in key growth opportunities and drive more efficiencies.” On the same day, Cisco published its most recent full-year earnings report, in which the company said 2024 was its “second strongest year on record,” citing close to $54 billion in annual revenue.

Cisco chief executive Chuck Robbins made close to $32 million in total executive compensation during 2023, according to the company’s filings.

When reached by email, Cisco spokesperson Lindsay Ciulla did not provide comment, or say if Cisco’s executive leadership team planned to reduce their compensation packages following the layoffs.