HP increases the number of coming job cuts to 29,000

HP Layoffs 2012

Earlier this year, Hewlett-Packard (HPQ) announced that it would cut 27,000 jobs, or 8% of its workforce, in an attempt to restructure the company and cut costs. According to an SEC filing on Monday, however HP has increased its number of projected layoffs to 29,000, ZDNet reports. The company said that its multi-year restructuring plan aims to “simplify business processes, accelerate innovation and deliver better results for customers, employees and stockholders.” HP said in its latest filing that it had already cut 3,800 jobs through the end of July, the majority of which were from the enterprise service group. The layoffs will continue through the 2014 fiscal year and are expected to save the company more than $3 billion.

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