Cisco Systems has announced a plan to lay off approximately 7% of its workforce, equating to around 5,000 employees, as part of a broader strategy to cut costs by $1 billion. This decision has taken Wall Street by surprise and marks the company's second round of layoffs in 2024. Employees have been informed that they will have to wait until September 16 to learn if they are affected by the cuts. Reports indicate that the work environment has become increasingly challenging, with one employee describing it as 'the most toxic environment I’ve ever worked in.' The layoffs come amid a wave of job reductions in the tech sector, following significant cuts from other companies such as Intel and GoPro.