Just over a month ago, San Jose-based Cisco Systems replaced GM on the Dow Jones list of the nation’s biggest companies. Now the networking and communications giant announced that it will be laying off some 700 people at its corporate headquarters in San Jose. The move is part of a larger strategy, announced in November, to reduce spending by $1 billion in fiscal 2009. At the time, the company announced that it “will be targeting reductions in travel and discretionary-related expenses, including offsites, outside services ... and other activities.” The company is now saying that “this limited restructuring is part of our ongoing, targeted realignment of resources.”
Critics are noting that Cisco’s second corporate headquarters in Bangalore, India, is soon to be expanded to 3,000 workers.
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