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February 25, 2009

Cisco Confirms Global Job Cuts

According to Channel Web: “Cisco Systems (NSDQ:CSCO) confirmed to Channelweb.com that it has eliminated a number of positions in the U.S. and abroad as part of its realignment and restructuring initiative that will chop $1 billion out of its operating budget throughout fiscal year 2009.

Cisco would not confirm on Wednesday how many positions were cut. Sources, however, said employees started receiving notifications on Tuesday, and roughly 250 of the positions eliminated were based in San Jose, Calif. Overall, sources said, the number of employees affected was fewer than the 1,500 to 2,000 that Cisco CEO John Chambers hinted at on the company’s earnings call for the second fiscal quarter.”

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