Cisco Systems is set to lay off more than 700 Bay Area tech workers, marking yet another round of job cuts in the post-coronavirus economy. The cuts will affect employees in San Jose, Milpitas, and San Francisco, adding to the ongoing economic challenges facing the technology industry.
According to WARN notices sent by Cisco to the state Employment Development Department, the company plans to cut approximately 729 jobs in the Bay Area. This includes 447 job cuts in San Jose, 174 in Milpitas, and 108 in San Francisco. The layoffs are scheduled to take effect on April 15, 2024.
In addition to Cisco, several other tech companies in the Bay Area have also announced job cuts in recent weeks. The trend of layoffs in the tech sector has been ongoing since early 2022, with over 37,100 jobs already eliminated in the region.
This latest round of layoffs comes on the heels of a regulatory filing by Cisco announcing a 5% reduction in its global workforce, potentially affecting around 4,200 employees worldwide. The company’s deputy general counsel, Saidah Grayson Dill, indicated that the cuts are expected to be permanent.
Overall, tech companies in the Bay Area have reported plans to eliminate more than 5,200 jobs so far in 2024, adding to the significant job losses seen in 2022 and 2023. Cisco’s layoffs are part of a larger trend in the industry, with major tech companies like Facebook, Google, Broadcom, and Salesforce also making substantial job cuts in recent years.
The tech industry’s shifting landscape, marked by layoffs and restructuring, underscores the ongoing challenges faced by workers in the Bay Area. As companies continue to navigate the post-coronavirus economy, the impact of these job cuts on the region’s workforce and economy remains a topic of concern and scrutiny.
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