Cisco Systems, one of the largest tech companies in the world, has announced plans to cut hundreds more jobs in the Bay Area. This news is concerning and suggests that tech layoffs in the region are far from over.
According to official filings with the state Employment Development Department, Cisco intends to lay off 350 workers around October 16. The job cuts will affect employees in San Jose and Milpitas. The company had previously laid off 227 workers in San Jose and another 123 employees in Milpitas.
In total, Cisco has eliminated over 1,000 jobs in the Bay Area through two major rounds of layoffs. In March, the company cut 673 jobs impacting workers in San Jose, Milpitas, and San Francisco.
Unfortunately, Cisco is not alone in reducing its workforce. Other tech companies have also recently announced layoffs in the Bay Area. ContextLogic, an online e-commerce platform known as Wish, revealed its decision to eliminate 152 jobs in San Francisco. Additionally, satellite imaging technology company Planet Logic PBC is getting rid of 85 jobs in San Francisco.
Since January 2022 when post-coronavirus tech layoffs began, more than 27,900 jobs have been slated for elimination by various tech companies in the Bay Area according to analysis of Employment Development Department filings.
The WARN letters sent by Cisco were dated July 17 but were only released by EDD on September 12. While Cisco had previously indicated its plans for job cuts worldwide, it did not specify how many employees would be affected locally. The WARN letters also did not clarify if these local layoffs were part of earlier disclosures.
In a letter to EDD’s deputy general counsel Saidah Grayson Dill stated that these job cuts are expected to be permanent.
It is disheartening to see such a significant number of job losses within the tech industry—a sector that has traditionally been a driving force behind economic growth and innovation. These layoffs not only impact the lives of the affected employees but also have wider implications for the local economy and the tech industry as a whole.
It is rumored that, Cisco’s decision to cut jobs in the Bay Area adds to an alarming trend of tech layoffs in the region. It remains to be seen how this will affect the future of tech employment and economic growth in Silicon Valley.
Sources:
– https://techxplore.com/news/2023-09-cisco-tech-companies-bay-area.amp
