Hewlett-Packard to cut 14,500 jobs

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Hewlett-Packard to cut 14,500 jobs

Hewlett-Packard, the world’s largest printer maker, will eliminate 14,500 jobs in the biggest layoffs since 2002, as part of efforts by new Chief Executive Officer Mark Hurd to bring costs into line with competitors.

The cuts represent 10 percent of the company’s workforce and are at the middle of the 10,000 to 25,000 analysts had been expecting, the Palo Alto, California-based company said today in a statement sent by Business Wire.

Read the complete story. (Bloomberg)