Thread regarding Cisco Systems Inc. layoffs

Fear not, if they don't get you this time, there is at least two more LRs this year. LOL! Sometimes, other people's misfortunes are erotic.

Should five per cent appear too small,
Be thank thankful I don't LR you all.

• CR

that 5% cut is US employees only.

We didn't lay you off before Christmas like last time. It's on Valentine's Day. This improvement is brought to you by my People's Deal. Enjoy your day.

Yours,
ELT

P.S. None of us overpaid ELT members are getting laid off. It's certainly not our fault stock hasn't moved in a decade.

Hope you all enjoined the Conference Call. Happy Valentine's Day from the ELT. Love!!!

@bch+1r4caojY

You're right. I'm going to join CX when there is an open req. Tired of worrying about these layoffs.

I told you guys many posts ago that CX will not be touched. We are not part of the 5%.

The stark reality is the "affected folks" should have been let go 12-18 months ago.

Tell the affected folks it's light

Doing many Pips would be rife with legal battles. Doesn't seem likely to me.

Seems more likely that we'll keep doing what we've always done - buy companies, lay off the extra people and non-revenue generating segments, and absorb what's left.

@mvg+1r4caojY With the push to “own your career” I can see them using PIPs way more to get/keep numbers low. No need to pay out severances and it avoids bad PR.

I laugh at your misfortune!!!

Starting to think PIPs will be the future. Forget these LR's that everyone can see.

I hate to say this, but I wish it was 10%. Quit dragging this out and doing this to your employees every freaking year. Just do it Chuck!

Wonder if the writing is on the wall for a lot of directors and useless VPs

Yes, and that writing is "more money for you! Please trim your staff by 5%."

Is Jeetu, Javed/Aruna, Maria finally gonna get the boot?

Ya’ll are missing the bigger picture here. Remember those individual performance plans? Expect those to bite you in the a-s in the form of a PIP. They won’t have to LR anymore because everyone is getting managed out. You’ve been warned!

so not much worse than last fiscal year's LR.

why do they keep dragging these rounds out though? it's incredibly cruel to the staff we're keeping.

the interesting part of this is the last 5% reduction was $600M in severance and pre tax dollars. this 5% is $800M. Wonder if the writing is on the wall for a lot of directors and useless VPs

Which 5% of the ELT will be laid off?

The lesson is never trust waht anyone says on this board. Wow people were way off

$800M in severance payments divided by 5% of workforce (approx. 4200) works out to be $190K per employee that’s not a bad leaving present…sign me up please.

People here were way off. Everyone just talking out of their behind

Yawn

5% is light - should be closer to 10-12%

Official statement inside the Press Release: https://investor.cisco.com/files/doc_earnings/2024/q2/earnings-result/Q2FY24-Press-Release.pdf

On February 14, 2024, Cisco announced a restructuring plan in order to realign the organization and enable further
investment in key priority areas. This restructuring plan will impact approximately 5 percent of Cisco's global workforce. Cisco
currently estimates that it will recognize pre-tax charges to its GAAP financial results of approximately $800 million consisting
of severance and other one-time termination benefits and other costs. These charges are primarily cash-based. Cisco expects to
take the majority of these actions in the third quarter of fiscal 2024 and recognize approximately $500 million of these charges.
Cisco expects approximately $150 million of these charges to be recognized in the fourth quarter of fiscal 2024, and the
remaining amount of these charges primarily through the first half of fiscal 2025.