HP to cut 27,000 jobs by 2014

DHAKA: Hewlett-Packard (HP) said it plans to cut 27,000 jobs, or 8 percent of its global workforce, by 2014 in a major restructuring effort for the computer giant.

The world’s biggest personal computer maker said the move was part of ‘a multi-year productivity initiative designed to simplify business processes, advance innovation and deliver better results for customers, employees and shareholders’.

The restructuring is expected to generate annualised savings of US$3.0 billion to US$3.5 billion by the end of the 2014 fiscal year for HP, which is struggling amid a move to mobile devices and tablet computers.

The savings will mostly be reinvested back into the company and boost investment in areas such as cloud computing, big data and security, and other segments ‘that offer attractive growth potential’.

BDST: 1329 HRS, MAY 24, 2012

Edited by Robab Rosan, Cultural Affairs Editor