Cisco plans to shed 8,500 jobs worldwide in response to an expected 30 per cent fall in third-quarter revenues. And its planned European headquarters at Green Park in Reading, Berkshire could be a victim of the cuts.
John Chambers, president and CEO, cited the US and Europe as the areas where its markets were showing weakness, and he said that to cut costs the company would consolidate the facilities it occupies.
Last year Cisco stunned the UK office market by taking a series of options on one million sq ft of offices at the Prudential's Green Park. But so far the company has only committed itself to taking 600,000 sq ft.
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