Cisco Systems Inc. is cutting 5,500 employees—7% of its workforce—in the networking company’s latest reaction to market shifts, including customers favoring software over hardware. The reduction beginning this quarter renews a pattern of midsummer moves to shed costs and make room to hire employees with new talents. The job cuts, disclosed with its fiscal fourth-quarter financial results, mark the most dramatic move yet by Chief Executive Chuck Robbins, who a year ago assumed a positionheld for two decades by John Chambers, who remains the company’s chairman. Read more http://www.wsj.com/articles/cisco-announces-plans-to-cut-5-500-workers-1471465487
