HP employee layoffs grow by another 5,000

Robert Nelson - Dec 31, 2013
HP employee layoffs grow by another 5,000

Aside from some recent smartphone related rumors, much of the HP related chatter has surrounded the Chromebook 11. Or more specifically, the recall for the charger. While the rumor remains just that and the charger recall seems to be moving forward, the HP talk has once again shifted towards employee layoffs. This is far from the first we have heard on this subject, however it appears another 5,000 employees will be facing a not so happy new year.

The details are coming by way of the HP annual report which was filed earlier in the week. According to details in the filing, HP will be laying off roughly 34,000 jobs in total. This number began as 27,000 when it was announced back in May 2012. From that point it grew to 29,000 and now with this additional 5,000 — the total is sitting at 34,000.

This isn’t the best of news for HP, or those employees, but at the same time, it isn’t a totally unexpected move. Quarterly reports filed with the SEC from earlier in the year offered hints about the 29,000 number may need to expand a bit. That filing touched on how HP “expects to eliminate an additional 15% of those 29,000, or a total of approximately 34,000 positions.” Basically, this most recent HP annual report simply offered confirmation.

Looking back to the SEC document, there was a bit more in terms of what these additional cuts would help account for. It was said HP needs to “record an additional 15% of that $3.6 billion in total costs, or approximately $4.1 billion in aggregate charges.” HP is expected to record these through the end of the 2014 fiscal year.

The layoffs are expected to be completed by the end of October 2014 and while this may not be beneficial for those looking a job this time around, it looks like the layoffs will be coming to an end. HP CEO Meg Whitman has said once this round has been completed, HP will not do another. In terms of the current status, HP has said the have already cut approximately 24,600 of those 34,000.

VIA: Business Insider

Must Read Bits & Bytes