Hewlett-Packard to cut 27,000 jobs
Hewlett-Packard Co. is cutting 27,000 jobs in an effort to save up to $3.5b annually and recover from recent management missteps.
(AP) SAN FRANCISCO - The streamlining announced Wednesday represents HP's largest payroll purge in its 73-year history. About 8 percent of HP's nearly 350,000 employees will be gone by the time the overhaul is completed in October 2014.
The cuts come eight months after HP hired Meg Whitman as CEO to turn the company around.
The company expects to save $3 billion to $3.5 billion annually from the job cuts and other austerity measures.