HP planning to slash at least 25,000 jobs, say reports

Image Credit: http://www.flickr.com/photos/ddebold/5394225299/

Hewlett-Packard plans to cut between 25,000 and 30,000 jobs next week in a move to restructure the company, according to reports by Bloomberg and AllThingsD.

CEO Meg Whitman will announce the layoffs next Wednesday on a conference call with analysts and press. The move coincides with Whitman’s decision in March to merge its PC and printer groups.

A reduction of at least 25,000 jobs amounts to cutting 8 percent of the company. The final number of jobs axed will likely fluctuate until the announcement Wednesday.

The largest cuts will happen to the HP’s enterprise services group, with 10,000 to 15,000 jobs targeted. That division of the company has seen recent declines in profitability, so it is a strong target for layoffs.

HP’s stock on the NYSE is nearly flat in late-day trading on the layoff news.

HP logo: Don DeBold/Flickr

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