Big layoffs: HP will cut 25000 jobs

[[SCUM] OUTLAW]

When Hewlett-Packard Co. announced five months ago it was acquiring technology-services firm Electronic Data Systems Corp., Wall Street expected big layoffs from the combined company. But the size of the job cuts — 24,600 jobs over the next three years, nearly 8 percent of HP’s 320,000-employee work force — came as a shock when HP laid out its plans Monday for integrating EDS. The surprise could provide a lift for Palo Alto-based HP’s stock price Tuesday because of the potential cost savings from the dramatic reduction in staff and HP Chief Executive Mark Hurd’s track record for wringing more profits out of lean operations. The cuts represent HP’s most aggressive cost-cutting move yet under Hurd, who engineered the $13.9 billion acquisition to challenge IBM Corp. for more of the lucrative, long-term business of helping companies manage their computing infrastructure.

Most of the cuts will come from within EDS’s ranks, and nearly half will be jobs in the U.S., HP announced Monday after the stock market closed. HP said it plans to eventually add about half the positions back as different jobs in different departments within the company. Some of the areas expected to get hit include the finance, human resources and legal departments, areas where there are traditionally overlapping duties within combined companies. HP had not previously detailed how many employees of the combined company would lose their jobs. Before the acquisition, HP had 178,000 people and EDS had 142,000. HP expects to save $1.8 billion per year from the cuts once the restructuring is complete. The company will incur a $1.7 billion charge in the current three-month period, its fiscal fourth quarter, for a goodwill adjustment and other costs connected to the restructuring.

Hmmm...is the market changing?

[[SCUM] Speedy]

Lucky I didn't get my placement with them then, innit?

[[SCUM] FeRoL]

My mate works for HP, he's been trying to get laid off for the last couple of years!

Bet they keep him tho!

[[SCUM] McPhil]

Yes, the world's economy is tanking... It's called - Redistribution of Wealth.

[[SCUM]-Tommee Gunn]

It's called - Redistribution of Wealth.

can i have some?

[[SCUM] DeathWish]

your behind me Tommee !

I have 3 little whelps to support for the next 10 years at least !

[[SCUM] McPhil]

NO! McCain states the middle class makes between 1 million to 3 million annual wage. So when McCain says he's going to help the middle class now you know who he's talk about. Unless you're in that wage group, under a McCain administration you're going to be worse off. If you think, "McCain? American politics don't affect me..." Ask yourself how were you 8 years ago when Bush took office?

Go Obama!