According to CEO Chuck Robbins, the company will "shift hundreds of millions of dollars" into such areas as artificial intelligence and other growth areas of its business. Cisco Systems Inc. is set to slash 7% of its workforce globally as the tech giant aims at investing in key growth areas like artificial intelligence while gaining more efficiencies in its business. The plan, said Cisco CFO Scott Herren during an earnings call, is "more about reallocating versus being in pursuit of cost savings.".