Cisco layoffs commenced today, sources say

Cisco (NSDQ:CSCO) gave hundreds of employees in San Jose, Calif., and other spots the pink slip today, reports The story quotes unnamed sources and does not have total figures for the number of jobs eliminated, however puts the San Jose number at about 250.

The story says that cuts today were made worldwide, but were fewer than the 1,500- 2,000 lay-offs expected. The company has pledged to slice $1 billion out of its operating budget in its fiscal 2009 and, in a second-quarter earnings call said that up to 2,000 job could go.

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