The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Communication Computer Programming, Consultancy And Related Activities Computer Programming, Consultancy And Related Activities 62 - Computer Programming, Consultancy And Related Activities
5,600 jobs Number of planned job losses
Announcement Date
17 September 2024
Employment effect (start)
17 September 2024
Foreseen end date
Description
Cisco, a US-based IT multinational has announced it will cut approximately 5,600 jobs worldwide.
Under the programme, the company will reduce its Belgian workforce by 124 employees Cisco-2024-BE , nearly 30% of its operations in the country. The restructuring measure frames larger global austerity measures by the company. It intends to reduce its costs by reducing 7% of its total global workforce, equating to approximately 5,600 jobs worldwide.
Despite reporting close to $54 billion in annual revenue for 2024, its second strongest year on record, the company cited declining customer demand as a key factor for the restructuring. The announcement has sparked criticism from unions over the perceived prioritization of shareholder returns and executive compensation amid profitability.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
