Veteran US communications company Cisco Systems Inc. (Nasdaq: CSCO) has become the latest tech giant to announce major cuts in its workforce and office leasing contracts. Cisco said that it will lay off 4,000 employees, worldwide, representing 5% of its workforce.
Cisco has 800 employees in Israel working in such areas as cloud management, development of processors, cellular communications systems and enterprise communications. However, sources close to Cisco in Israel say that its local operations will not be affected by the cuts.
Cisco CEO Chuck Robbins was a special guest at the Globes Business Conference at the end of last month. He told Globes publisher Alona Bar-On that Cisco had acquired Israeli companies for $7.2 billion and invested a lot more in the country.
He said, "We are here because there is a lot to learn from you, the ecosystem here is super impressive and we are speaking to companies all the time. What we find here is simply unbelievable."
Cisco Israel, led by managing director Oren Sagi has doubled sales over the past five years from NIS 500 million to NIS 1 billion.
Published by Globes, Israel business news - en.globes.co.il - on November 17, 2022.
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