HP Layoffs Will Exceed 55,000 People
HP's CFO Cathie Lesjak says the company will cut up to an additional 5% more people from its workforce than the 55,000 people it had planned to eliminate.
This is a long-running layoff that began in 2012 with an initial target of 25,000 jobs, but grew until the target became 55,000 people.
Now it's grown again. Lasjak didn't give a new total number although she said the additional job cuts won't force HP to spend more on restructuring than it had planned.
This is what Lesjak told Wall Street analysts on the quarterly conference call:
We are nearing the end of our 2012 restructuring program and 3,900 people exited in Q3. By the end of Q4, we expect to exceed our prior estimate of 55,000 people to exit the company by up to 5% but will not exceed the foretasted GAAP-only charges.
This particular layoff will be completed in October and HP expects it to cost $5.5 billion. In June, Lesjak said HP had eliminated a total of 48,000. Doing the math, that means HP has trimmed 51,900 people.
http://www.businessinsider.com/hp-layoffs-to-exceed-55000-people-2015-8