Hewlett-Packard Cutting 27,000 Jobs

HP

Arik Hesseldahl:

HP has now posted a news release with some details on the restructuring plan:

The plan is apparently to get things underway in the third quarter of this year, which is the current quarter, and to take charges of $3.5 billion by the end of 2014, most of it in workforce reductions. That is in line with CEO Meg Whitman’s claim that the turnaround is going to take a few years. The 27,000 jobs eliminated amount to about 8 percent of the workforce. Of that HP will take a $1.7 billion pre-tax charge this year.

Perhaps the company’s failings have been written on the wall for quite some time, but it’s still an awful shame for such a large quantity of people to lose their jobs.