Cisco Shifts Focus to IoT, Cloud, and Security - Cuts 5,500 Jobs at a Cost of $700M

Cisco Systems plans to lay off about 7 percent of its global workforce in a restructuring that will see it further focus on hot IT areas such as the internet of things, security, collaboration, next-generation data centers, and the cloud. The move will cost the company around $700 million in redundancy payments to the roughly 5,500 staff who will be out of jobs in the coming months. Read the full article on ComputerWorld here.