HP ups layoff plan, will now cut 29,000 jobs

By Roland Jones, NBC News

Computer maker Hewlett Packard now plans to lay off 29,000 employees as part of a multi-year restructuring plan, 2,000 more jobs than it earlier estimated, according to a regulatory filing Monday.

On May 23 the world?s leading PC maker launched a multi-year turnaround effort focusing the company on services targeted at corporations. The total layoffs represent 9.7 percent of the 300,000 people the company employs worldwide.

The headcount reduction will come through a combination of job cuts and offers of early retirement. Hewlett Packard expects to take an approximately?$3.3?billion charge as a result of the workforce reductions through the end of its 2014 fiscal year.

Click here to check Hewlett Packard?s share price.

Source: http://marketday.nbcnews.com/_news/2012/09/10/13783060-hp-ups-layoff-plan-will-now-cut-29000-jobs?lite

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