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HP lines up more job cuts

Will cut 29,000 workers through 2014
Mon Sep 10 2012, 16:43
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MAKER OF EXPENSIVE PRINTER INK HP has revealed plans to cut 2,000 more jobs than previously expected.

The 2,000 additional job cuts were revealed in a regulatory filing and bring the firm's total staff reductions through October 2014 up to 29,000 and could cost it as much as $3.7bn.

According to the San Francisco Chronicle, HP did not explain why the layoffs are necessary.

HP has not responded to our request for comment, but we can speculate that the firm either forgot that it had that many employees or its situation is worse than it had previously thought.

When it announced the original tally of 27,000 job cuts the firm said that it would invest the money that it would save on research and development.

"These initiatives build upon our recent organizational realignment, and will further streamline our operations, improve our processes, and remove complexity from our business. While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company," said HP CEO Meg Whitman.

"We are setting HP on a path to extend our global leadership and deliver the greatest value to customers and shareholders."

The staff reductions will include early retirements and take effect over the next two years. µ

 

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