HP Rings in the New Year by Slashing 11 Percent of Workforce
That company is Hewlett-Packard. According to Reuters, HP stated in a regulatory filing that it plans to eliminate 5,000 more jobs, bringing the tally to 34,000 layoffs. That represents 11 percent of HP's total workforce, which is higher than the OEM originally anticipated.
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Previously, HP estimated it would slash 29,000 jobs through its fiscal year 2014. The company is making adjustments along the way as it looks to restructure itself for the long-haul. If there's a minor bright side to all this, the staggered job cuts won't be fully complete until October 2014, which gives some affected employees around 10 months to find alternative employment (assuming they get a heads up in advance).
In addition to cutting jobs, HP said it would record a charge of $4.1 billion in 2014, up from a previous estimate of $3.6 billion.