Hewlett Packard is laying off 5,000 more employees

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Hewlett Packard is going to be cutting 5,000 jobs on top of the 29,000 jobs that were previously announced. The 29,000 figure was increased from the 27,000 announcement that was made in May 2012.

“Due to continued market and business pressures, as of October 31, 2013, HP expects to eliminate an additional 15% of those 29,000 positions, or a total of approximately 34,000 positions, and to record an additional 15% of that $3.6 billion in total costs, or approximately $4.1 billion in aggregate charges. HP expects to record these charges through the end of HP’s 2014 fiscal year as the accounting recognition,” stated HP in an SEC document.

HP cited “continued market and business pressures” for the increase in the layoffs. HP currently has over 331,000 employees. HP has already done most of the layoffs. As of October 31, 2013, HP cut around 24,600 positions of the planned 34,000.

[Source: WSJ]

This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at
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