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HEWLETT-PACKARD plans to cut 27,000 jobs in a bid to save up to $3.5 billion annually.
The cuts announced this evening represent HP’s largest in its 73-year history. The reductions will affect about 8 per cent of HP’s nearly 350,000 employees by the time the restructuring is completed in October 2014.
HP hopes to avoid as many lay-offs as possible by offering early retirement packages. The BBC reports that a spokesperson for HP said that it is too early to say where the 27,000 job cuts will be made.
HP CEO Meg Whitman said that the company plans to funnel most of the savings into developing more products and services that could help HP adapt to tech shifts that are driving demand for more mobile computing and software that is provided over high-speed Internet connections.
“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,” Whitman said in a statement.
As part of shake-up, Whitman is also bringing in a new leader for HP’s Autonomy division, which makes software for searching for information within companies and government agencies. Bill Veghte, HP’s chief strategy officer, is replacing Autonomy founder Mike Lynch in an effort to boost the division’s financial performance.
HP bought Autonomy for more than $10 billion last year before the company named Whitman as its CEO.
News of the cutbacks overshadowed the release of HP’s latest quarterly results. The company’s earnings and revenue were both better than analysts projected.
- Additional reporting by Susan Ryan
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None of the job losses will be in Ireland because we are voting Yes. That’s what “bend over Enda” has told us anyway ?
This is what financing pretentious American Corporations will get you.
This amount of redundancies at one time will effect nations.
Should politicians be in a position to sell out nations?
Lucking pretty grim for Liexlip & surrounds, can’t begin to imagine the impact if HP closed their Irish opperations, you have to wonder about the sense of various ministers enjoying trips to the US with the alledged intent of attracting investment in Ireland. These multinationals milk our tax system for all its worth, get substantial grant aid, make a killing and when all the benifit of being hear comes to the end, they feck off to sunnier climates.
have your say