HP has admitted that 5,000 more staff than previously thought are set for the chop as part of boss Meg Whitman's turnaround masterplan.
In a 10-K filing to the Securities and Exchange Commission (SEC), HP put the latest wave of job cuts down to "continued market and business pressures". The latest cull began at the end of October, it said, and is expected to be complete by the same time this year.
Initially, the vendor had planned to cut 29,000 positions globally, but in its recent filing said that number would rise to 34,000 – about a 15 per cent rise.
In October last year, a few days before HP said its latest round of cuts began, 7,000 jobs in EMEA were cut. Last month it was branded a "long-term addict to a culture of job cuts" by the union Unite after the vendor confirmed 1,124 UK jobs were set to go starting from this year.
In 2014, Whitman's five-year turnaround will enter its third year. When she joined in 2012, she said fiscal 2012 would be for diagnosing issues, 2013 for focusing on fixing and rebuilding those problems, while fiscal 2014 would be mainly concerned with recovery and expansion. HP's shares jumped after she recently assured shareholders the plan was on track.
In the recent 10-K filing, HP said the job cuts were necessary as part of its five-year turnaround plan.
"On 23 May 2012, HP adopted a multi-year restructuring plan – the "2012 Plan" – designed to simplify business processes, accelerate innovation and deliver better results for customers, employees and stockholders," it said.
"HP estimated it would recognise approximately $3.6bn (£2.2bn) of total costs in connection with the 2012 Plan...
"Due to continued market and business pressures, as of 31 October 2013, HP expects to eliminate an additional 15 per cent of those 29,000 positions, or a total of approximately 34,000 positions, and to record an additional 15 per cent of that $3.6bn in total costs, or approximately $4.1bn in aggregate charges."
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