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.


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.

Advertisement - Article continues below
Advertisement - Article continues below

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 inkjet can transform your business

Get more out of your business by investing in the right printing technology

Download now

Journey to a modern workplace with Office 365: which tools and when?

A guide to how Office 365 builds a modern workplace

Download now

Modernise and transform your sales organisation

Learn how a modernised sales process can drive your business

Download now

Your guide to managing cloud transformation risk

Realise the benefits. Mitigate the risks

Download now


mergers and acquisitions

Xerox turns to public stocks in merger war with HP

12 Feb 2020
Business strategy

Six ways boards can step up support for cyber security

27 Jan 2020
mergers and acquisitions

Xerox to nominate directors to HP's board – reports

22 Jan 2020

The IT Pro Products of the Year 2019: All the year’s best hardware

24 Dec 2019

Most Popular

cloud computing

Google Cloud snaps up multi-cloud analytics platform for $2.6bn

13 Feb 2020

How to use Chromecast without Wi-Fi

5 Feb 2020
Microsoft Azure

Microsoft Azure is a testament to Satya Nadella’s strategic nouse

14 Feb 2020
operating systems

How to fix a stuck Windows 10 update

12 Feb 2020