Palo Alto (CA) – Hewlett-Packard (HP) is said to begin the first round of layoffs in a major restructuring effort next Monday, industry sources suggest.

As the stock market is turning sour and HP has to manage the integration of EDS, the company is apparently entering the first phase of its previously announced layoffs. Industry sources suggested that a “significant portion of the overall number” affected - about 24,600 HP and EDS employees – will be receiving pink slips in Q4 and beginning October 13.

Overall, HP is expected to cut about 7.5% of its workforce of about 320,000. The company stated that the restructuring is necessary to create a global workforce that that has the right blend of services delivery capabilities to address the diversity of its markets and customers worldwide.”

HP did not mention any programs to move employees to other open positions, but noted that severance packages, counseling and job placement services will be available.