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.

Never good news

Oct 09, 2008 13:01     

*prays* Hopefully...they'll be fine.
Kalt report abuse vote down vote up Votes: +0

Sadly the first of many tech companies to do this

Oct 09, 2008 18:45     

With end of financial year coming and the stock market how it is, I would not be surprised if 250,000 or more jobs are shed in the USA. You only have to look at the stock value of the major tech companies to realise they will be forced to adopt short term cost cutting measures by shedding workforce. Hopefully it will not be that bad...
futureknob report abuse vote down vote up Votes: +0

Layoffs?

Oct 09, 2008 19:48     

I am an HP worker and have been told of a meeting next Tuesday morning (subject unknown). So, I was suspecting that this was what is going on. HP's 4th-quarter ends at the end of Oct.
Unknown report abuse vote down vote up Votes: +1