Personal Finance
San Francisco - World's largest computer and printer maker Hewlett-Packard Co. (HP) said it would lay off 24,600 employees or nearly 8 percent of its workforce over the next three years while it takes $1.7 billion one-time charge as a part of its plan to integrate the newly acquired Electronic Data Systems Corp (EDS) with itself.
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"With the acquisition of EDS, HP has the industry's most comprehensive portfolio of IT solutions to help customers manage and transform their technology environments," HP said.
The job cuts, the Palo Alto, California-based company said, would allow HP "to restructure the EDS business group to streamline costs, invest in growth and drive shareholder value."
According to the company, most the job cuts would take place in the US coming from within the EDS ranks, with about half the jobs being replaced in new areas of its service business.
At the time the merger was announced in May, HP had 1,78,000 employees on its books and EDS had 1,42,000 employees. In India, HP has over 30,000 employees.
The vast majority of the job cuts would focus on eliminating overlapping jobs at EDS in corporate functions such as legal, accounting, information technology (IT), human relations, procurement and other support departments as well as excess office space, HP said.
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