After Cisco Systems stock plunged more than 20% this year, investors are looking for a big change -- and the networking giant is hoping to deliver just that through a massive restructuring.
In the process, Cisco is handing out pink slips to 6,500 employees.
Those cuts include 2,100 workers who volunteered for early retirement packages and the downsizing of senior management, as Cisco trims its number of workers at the vice president level and above by 15%.
Cisco is also selling its manufacturing facility in Juarez, Mexico to Foxconn -- a Chinese company best known for manufacturing Apple's iPhone and iPad. As part of that sale, an additional 5,000 Cisco employees will be transferred to Foxconn.
These young job seekers graduated into the worst labor market since the Great Depression.
|Zuckerberg 'miscarriage' story prompts outpouring of emotions|
|Here are Jon Stewart's final "Daily Show" guests|
|Puerto Rico is on the brink of default (again)|
|Upgrading from Windows 7 or 8? You'll love Windows 10|
|Why Windows 10 WiFi sense is freaking everyone out|