By Marcus Leach

Cisco have announced that they are to cut its workforce by up to 9%, meaning 6,500 will go.

The world's largest maker of computer networking equipment are aiming to cut up to $1 billion from their annual costs, in accordance with plans announced in May.

They have also announced that they it will sell a Mexican subsidiary to Foxconn Technology Group.

An increase in competition has forced Cisco to re-evaluate the way they operate as they look to re-focus on core businesses.

15% of the job cuts will come at vice-president level and above, with a further 2,100 employees agreeing to an early retirement programme.

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