Cisco planning to decimate workforce

Cisco systems, the company which provides much of the hardware on which the Internet is built, is planning to shed thousands of workers to boost profits.

According to a Bloomberg report, the US company will shed 7,000 souls by the end of August on top of 3,000 who have accepted early retirement packages.

The cuts will save $1 billion allowing CEO John Chambers to keep his $40 million salary and keeping shareholders happy.

Cisco is said to be dumping most of its consumer products in order to concentrate on more profitable enterprise networking hardware.