Happy New Year! HP to cut more jobs than expected


Hewlett-Packard(s hpq) which has been slimming down to fighting weight is cutting more jobs than it had expected. In fact, it expects to cut 5,000 more of those jobs, bringing the total headcount cut for its reorganization to 34,000 by October 31, 2014, according to 10k paperwork filed with the Securities & Exchange Commission on December 30.

The cutting of jobs, many expected to come through attrition, was part of a reorg announced in May 2012 to be completed by the end of HP’s fiscal year 2014.  Three months later, HP said it expected to ax 29,000 jobs. According to the 10K filing, that was not enough:

Due to continued market and business pressures, as of October 31, 2013, HP expects to eliminate an additional 15% of those 29,000 positions, or a total of approximately 34,000 positions, and to record an additional 15% of that $3.6 billion in total costs, or approximately…

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