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Hewlett-Packard may slash 30,000 jobs

Last updated on: May 18, 2012 18:27 IST

Hewlett-Packard may slash 30,000 jobs

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Hewlett-Packard plans to slash up to 30,000 jobs in the coming months, which would be one of the biggest layoffs in American corporate history, says a media report.

"While the exact number of job losses has yet to be set, some 25,000-30,000 of HP's 320,000 workers are expected to be shed in the coming months," the Financial Times has reported.

Quoting a person familiar with the plans, the British daily said the reduction is set to come partly from an early retirement offer.

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Image: A logo of HP is seen outside Hewlett-Packard Belgian headquarters in Diegem, near Brussels.
Photographs: Thierry Roge/Reuters.

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"Many of the job cuts are expected to come in HP's services division, which has struggled to keep pace with industry leaders IBM and Accenture, as well as cut-price Indian outsourcing companies," the report said.

Grappling with stiff competition, HP chief executive Meg Whitman is looking at ways to bolster the company's fortunes.

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Image: HP chief executive Meg Whitman.
Photographs: Reuters.

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Attributing to American outplacement firm Challenger Gray & Christmas, the report said that HP's planned job cuts rank among the 10 biggest by a US company in the past decade.

"They could eventually rival the 30,000 work force reduction announced by Bank of America last September, which became the biggest of 2011, though the move would still pale in comparison to the 60,000 jobs that arch-rival IBM slashed as it grappled with a crisis in the early 1990s," Financial Times said.



Image: Hewlett-Packard pavilion.
Photographs: Wikimedia Commons.

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