Restructuring events
European Restructuring Monitor (ERM)
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.
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.
Eurofound (2024), Cisco , Internal restructuring in World, factsheet number 202114, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202114.