It's standard operating procedure. I've seen it in other big companies besides Cisco.
Step 1: There is a hiring freeze at your location but you can hire a few inexperienced people in another country where wages are MUCH lower.
Step 2: You are told to teach the new people how to perform your job. You are told this is so they can take over the boring routine tasks and your time will be freed up to do new and interesting things.
Step 3: You get thrown out because someone else, making a lot less money, has replaced you.
Step 4: You get to do new and interesting things, as promised. They neglected to mention this would be at a different company.
The bean counters, who think we are all interchangeable cogs in the machine, get their bonus for cutting costs. Product quality and productivity deteriorate because the accumulated experience and knowledge disappear. Morale declines because the survivors live in constant fear, always wondering when it will be their turn.