HP confirms 27,000 job cuts by 2014
24 May 2012
The computer manufacturer has confirmed that it will be cutting around 27,000 jobs by the end of 2014.
Recent reports speculated that Hewlett-Packard (HP) would be cutting up to 25,000 jobs, to help the firm cope with reduced demands for computers and services.
As part of the restructuring, HP expects approximately eight per cent of its workforce to leave the company. HP anticipates the restructuring to generate savings of up to $3.5billion (£2.2bn) a year, with the majority of savings being invested back into the company.
HP is offering staff an early retirement programme, so the total number of employees affected will be impacted by the number of employees that participate in the early retirement plan. Workforce reduction plans will vary by country, based on local legal requirements and consultation with works councils and employee representatives.
Meg Whitman, President and Chief Executive Officer at HP, says: “These initiatives build upon our recent organisational 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. We are setting HP on a path to extend our global leadership and deliver the greatest value to customers and shareholders."
Since the announcement of the cuts, Unite has announced that it will fight to save up to 1,600 jobs under threat at its UK operations.
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