Morning Business Report: Mass Employee Layoff

Germany.

A tech giant is ready to lay off thousands of workers.

And retiree health care costs hit a record high.

Jane king is at the nasdaq marketsite with those stories and more.

Good morning jane.

Good morning.

Cisco systems is laying off about 14,000 employees, representing nearly 20 percent of the network equipment maker's global workforce.

That's according to the tech news site crn.

The silicon valley based company is expected to make the announcement in the next few weeks.

Cisco has been investing in new products and technologies to offset sluggish spending by telecom carriers and enterprises on its main business of making network switches and routers.

The average 65-year-old couple retiring today will need $260,000 just to cover healthcare expenses, a new study from fidelity shows.

That's a six percent jump over last year's estimated $245,000 and an 18 percent surge since 2014.

Lifidety pointed the finger at prescription drugs, especially high-priced niche drugs, for driving up costs.

Well, stocks fell from records tuesday as investors cashed in on recent gains.

The dow fell 84 points.

Later today the minutes from the most recent federal reserve meeting are released so that'll give some hints about the direction of interest rates.

Ford says it will have a fully autonomous vehicle on streets in less than 5 years.

The commercial vehicle, which will not include a steering wheel or pedals, will be used by ride- hailing and ride-sharing companies around the world.

Ford is not yet providing details on what the autonomous car-share vehicle will look like or who might buy it.

Victoria's secret is focusing on a different type of push up.

The sort you do while exercising.

The company has alerted customers to its new push in exercise wear in emails assuring shoppers that "no padding i sexy," and with promotiona videos showing models hitting punching bags, jumping rope, and of course, stretching next to each other in slow motion.

From the nasdaq marketsite in times square, i'm jane king