HP job cuts to hit 34,000 staff as "market pressures" bite

SEC filing reveals hardware giant may have to cut more jobs than previously thought in 2014.

Axe

Ailing tech giant HP has revealed that thousands more jobs will go at the firm before the end of its financial year in October 2014.

The revelation was made in a filing with the US Securities and Exchange Commission (SEC), where HP admitted that 5,000 more jobs than previously expected could be axed this year.

In July 2013, the company declared that 29,000 jobs would go as part of its multi-year business restructuring plan, which was kicked off in early 2012 by CEO Meg Whitman.  

At the time, the company admitted there was a possibility that more jobs than this could be cut by the end of the firm's financial year on 31 October 2014.

This is a scenario the firm's recent SEC filing suggests will be played out over the course of this year.

"Due to continued market and business pressures, as of October 31, 2013, HP expects to eliminate an additional 15 per cent of those 29,000 positions, or a total of approximately 34,000 positions," the document states.

Many of these roles are expected to be discontinued by employees leaving the firm through enhanced early retirement programmes, a move expected to cost the firm billions of dollars.

At the moment, it is unclear how many of these positions will be lost in the UK and other countries where HP operates.

The company's fortunes have been greatly affected in recent years by the slump in demand for PCs, and to date HP has lost ground to rivals that have successfully diversified into tablets and smartphones.

Featured Resources

How to be an MSP: Seven steps to success

Building your business from the ground up

Download now

The smart buyer’s guide to flash

Find out whether flash storage is right for your business

Download now

How MSPs build outperforming sales teams

The definitive guide to sales

Download now

The business guide to ransomware

Everything you need to know to keep your company afloat

Download now

Recommended

Tech giants lobby US to fund chip production
Hardware

Tech giants lobby US to fund chip production

11 May 2021
HP Z27u G3 review: A stylish and versatile office display
monitors

HP Z27u G3 review: A stylish and versatile office display

11 May 2021
HP Pro c640 Chromebook review: Nailing the basics
Laptops

HP Pro c640 Chromebook review: Nailing the basics

15 Jan 2021
HP EliteBook 840 G7 review: An elite experience
Laptops

HP EliteBook 840 G7 review: An elite experience

15 Dec 2020

Most Popular

KPMG offers staff 'four-day fortnight' in hybrid work plans
flexible working

KPMG offers staff 'four-day fortnight' in hybrid work plans

6 May 2021
16 ways to speed up your laptop
Laptops

16 ways to speed up your laptop

29 Apr 2021
How to move Windows 10 from your old hard drive to SSD
operating systems

How to move Windows 10 from your old hard drive to SSD

30 Apr 2021