HP Slashing 27,000 Jobs In Restructuring Effort

Beleagured PC-maker Hewlett-Packard on Wednesday announced it would be letting go of 27,000 employees, 8 percent of its global workforce, by October 2013. The drastic move comes as HP lowered its third-quarter profit forecast and is part of a massive restructuring effort that HP expects will save the company $3 billion to $3.5 billion by the end of its 2014 fiscal year, also in October 2013. The employees won’t all be fired per se, with HP offering an “early retirement program,” to some qualifying workers, though details on this and where the cuts will occur remain forthcoming.