CISCO BUSINESS RESTRUCTURING
Bond markets are flooded with deals to fund M&A
Demand has grown so fervent for corporate bonds that investors are once again willing to finance big mergers and acquisitions something they hesitated to do for much of last year.
Exclusive: ED seeks look out notice against Byju Raveendran
The Directorate of Enforcement has asked the Bureau of Immigration to issue a look out circular against Raveendran, sources told ET. The central agency approached BOI earlier this month to issue a fresh LOC to ensure that he does not leave the country.
Cisco to lay off thousands of employees to focus on high growth areas
The San Jose, California-based company has a total employee count of 84,900 as of fiscal 2023, according to its website. The company is still deciding on the total number of employees to be affected by the layoffs, one person said.
Broadcom sees revenue below estimates on weak enterprise spending
In fiscal 2024, Broadcom expects revenue of about $50.0 billion including VMware's contribution. Analysts on average were expecting $52.50 billion, according to LSEG data.
Anant Ambani's board induction: Why more streaks of black in grey-haired clubs
Reliance: Proxy firms Institutional Shareholder Services Inc. (ISS) and Institutional Investor Advisory Services (IIAS) have recommended that shareholders vote against the induction of Anant Ambani, the youngest son of Reliance Industries Chairman Mukesh Ambani, to the company's board. ISS cited Anant's limited leadership and board experience as a concern. However, Reliance defended Anant's appointment, stating that he has relevant experience and maturity.
Microsoft closes in on Activision deal after Britain signals approval
Microsoft came one step closer Friday to completing its $69 billion purchase of the video game-maker Activision Blizzard, in a deal that has become an example of how a company can successfully ride out stricter regulatory scrutiny of the power of tech giants.
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Tech layoffs ease, but companies go slow on hiring
Companies will continue to focus on how best to utilise existing capacity and go slow on hiring, except for niche skills, as demand constraints and lack of visibility continue to weigh on the entire tech cohort of services, products and tech enabled startups, the experts said.
Layoffs in 2023: Microsoft, Cognizant, Accenture among latest firms to cut jobs amid economic turmoil
The layoff wave has swept not only startups and mid-sized firms, but also big tech companies such as Amazon, Microsoft, and Google parent Alphabet, among others.
TCS reports weaker than expected Q4 numbers; PhonePe chalks up another $100m from GA, more expected
Tata Consultancy Services (TCS) said its net profit for the final quarter of fiscal 2023 rose 15% on-year, but India’s largest software exporter pointed to macroeconomic concerns which may hurt the IT services firm. This and more in today’s ETtech Morning Dispatch.
India remains top priority in terms of investment: Cisco senior vice president Kelly Jones
It is imperative for companies to place learning and upskilling in the hands of their employees, says Kelly Jones, SVP and chief people officer, Cisco. In an interview, Jones says the company has rolled out an initiative under which employees can envision specific roles and see learning paths leading to them through a dashboard.
Cisco forecast raise allays tech spending fears, lifts shares
The maker of routers and other products that run computer networks and the internet said customers were keeping investments steady in systems related to cloud, artificial intelligence and tools for hybrid work.
Dell to lay off 6,650 employees, cut 5% of global workforce: report
Dell will lay off about 5% of its workforce as the company is experiencing market conditions that "continue to erode with an uncertain future," according to a memo from COO Jeff Clarke.
ETtech layoff tracker: job cuts continue as thousands fired in first week of 2023
Big tech firms such as Meta, Twitter, Amazon, Alphabet, and Microsoft announced en masse layoffs last year citing 'global uncertainty, dwindling ad revenue, rising inflation and over hiring during the pandemic'.
Tech companies keep slashing jobs in uncertain 2023 economy
In November, the most recent month for which data is available, the sector announced 52,771 cuts, for a total of 80,978 over the course of the year
HP to cut about 12% jobs by end of fiscal 2025
The PC maker also forecast a lower-than-expected profit for the first quarter as it expects softness in both consumer and commercial demand.
Avaya enabling digital transformation across businesses, says CEO
With a new leadership team led by CEO Jim Chirico, Avaya has been able to shed its legacy tag by debt restructuring.
Amazon, Microsoft offer little relief to small cloud clients
While Amazon Web Services, or AWS, and Microsoft are restructuring some large contracts on a case-by-case basis, according to people familiar with the decisions, smaller companies aren’t receiving the same flexibility.
India an island of calm in a choppy world: Barclays CEO Jes Staley
India is better protected against global uncertainty because its economy is not as dependent on export income, Staley said.
Cisco to cut another 6,000 jobs as forecast falls flat
In India, Cisco employs over 10,000 people across cities like Bangalore, Delhi-NCR, and Mumbai. Of these, 8,000 people are part of the R&D set up.
Cisco's India unit won't cut jobs in routers and switches business
Cisco, the world's largest networking equipment maker, last year said it will cut 5% of its global workforce or 4,000 jobs due to weaker sales for its products in Asia-Pacific and Europe.
Cisco buys into media start-up Qyuki founded by Shekhar Kapur and AR Rahman
Qyuki will allow co-creation of creative content. For example, lyrics could be posted by one user, music score by another & third could be a publisher.
Wipro Technologies to restructure IT infrastructure business by merging domestic, global functions
Streamlining of functions and reducing the number of layers in the company is part of Wipro's attempt to appear as "One Wipro" in front of clients.
Banks are left with no choice but to hike rates: Aditya Puri, HDFC Bank
HDFC Bank CEO Aditya Puri does not think that Indian bank margins, adjusted for risk, are high as banks in India are exposed to many default-prone sectors.
Cisco to lay off 550 employees
Networking technologies major Cisco will lay off its 550 employees as the company embarks on a restructuring of consumer business.
Cisco to recast operations, drive innovations for emerging mkts
In one of the biggest changes since networking major Cisco set up a second global headquarters in India, the multinational is reorganising its operations along industry lines.
Cisco lays off hundreds of workers
The company has also cut jobs at other branches in the United States, although the total number was not immediately clear.
Cisco to avoid layoffs, banks on hiring freeze
Global network major Cisco has stopped hiring across operations, including India, due to the current economic slowdown, a senior executive said on Monday.
Wipro restructures top leadership to spur growth
The company has bunched its geographies into five and identified five chief executives to head each of these regions. Phishing email | Speed up your PC
Cisco rejigs India operations
Global networking major Cisco has restructured its India operations and the strategy, if successful, could be replicated abroad.
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