HP To Cut 27,000 Jobs
by: Andrew Schneider, May 24, 2012 10:05:00 am
The cuts announced Wednesday represent the largest payroll purge in HP’s 73-year history. The reductions will affect about eight percent of the firm’s nearly 350,000 employees by the time the overhaul is completed in October 2014.
HP employs roughly 9,000 workers in the Houston area as the result of its 2002 merger with Compaq. The Palo Alto, California-based company declined to comment on layoffs at any individual site.
HP hopes to avoid as many layoffs as possible by offering early retirement packages. It expects to save as much as $3.5 billion a year from the job cuts and other austerity measures.
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.