HP Announces a Further 5,000 Job Losses

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Hewlett Packard (HP) has announced that it is likely to cut an additional 5 000 jobs on top of the 29 000 redundancies that the company announced last July.

As of July 31, 2013, HP estimated that it would eliminate approximately 29,000 positions in connection with the 2012 Plan through fiscal year 2014. As of October 31, 2013, HP had eliminated approximately 24,600 jobs.

In a statement, the company said that "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.

The costs associated with the redundancies will also rise from USD3.6 billion to USD4.1 billion. HP expects approximately $3.5 billion to relate to workforce reductions, including the EER programs, and approximately $0.6 billion to relate to infrastructure, including data center and real estate consolidation, and other items.

HP said that it expects to record these charges through the end of it's 2014 fiscal year as the accounting recognition

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