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Cisco to shed 1,300 jobs

  • U.S. network equipment maker Cisco Systems plans to slash about 1,300 jobs as part of ongoing efforts to restructure the company.

    "We are performing a focused set of limited restructurings that will collectively impact approximately 2 percent of our global employee population," the company said in an emailed statement.

    Cisco had 65,223 employees at the end of its fiscal third quarter, according to its website.

    Last year, the firm embarked on a plan to cut expenses by $1 billion, which included reducing its workforce by 15 percent.