Cisco cuts 15 percent of its execs amid big layoffs

Cisco Systems, on Monday paid 11,500 jobs for the sale of the layoffs and wage a movement towards a Foxconn plant.

The company was expected to reduce from 5,000 to 10,000 jobs, but rejected liquidation, or potentially the transfer of 11 500 workers.

According to Cisco, the cuts to reduce staff as follows:
• 6500 job cuts, including 2,100 employees have taken early retirement.
• Of the total, were cut 15 percent of vice president and above employees.
• 9 percent of Cisco employees were affected, but that includes the sale of Foxconn.
• Employees will be in the first week of August will be notified.

As a result, Cisco will take the amount of $ 1300000000 in the coming quarters. The first payment of the fee, $ 750 million-will be recognized in the fourth quarter.

Foxconn has announced the sale of Cisco issued a separate set-top factory box. Cisco has 5,000 employees and Foxconn are transmitted. Cisco said no layoffs are expected.