HP Reorganization Job Cuts Expanded to 29,000
Published September 11, 2012
Categories: Of Interest
In a regulatory filing, Hewlett-Packard said under its reorganization plan announced in May, it now estimates that it will eliminate approximately 29,000 positions in connection with the 2012 plan through fiscal year 2014. HP earlier had estimated 27,000 cuts.
The company said it expects to record aggregate charges of approximately $3.7 billion through the end of HP’s 2014 fiscal year as accounting recognition criteria are met. HP recorded an initial charge of approximately $1.7 billion in the third fiscal quarter of 2012 relating to the 2012 plan.