HP Layoffs Local Impact Unknown

As expected, personal computer maker Hewlett-Packard dropped the axe today, and announced a worldwide restructuring that will result in 14,500 layoffs, and cut costs nearly two billion dollars a year.

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HP has 151,000 employees around the world -- about 9,000 of whom are in Houston -- and the only thing known for sure today is that some of them will be laid off in the next year and a half. In an early morning news conference on the Internet, CEO Mark Hurd said the company's not ready to release a breakdown of which positions will be affected at various HP sites, like Houston.

An HP spokesman says a majority of the cuts will be in support functions, such as information technology, human resources and finance. The remainder will be in the company's business units, in areas where work can be reduced with improved efficiency and re-prioritizing existing tasks. Those who're laid off will get severance packages and outplacement assistance, and those close to retirement will be offered early retirement incentives. CEO Hurd said they're also making changes in benefits for those who're not getting laid off.

Listen to the entire news conference with the HP executive staff.