HP mulls cutting workforce 8-10 percent: sources

Reuters News
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Posted: May 18, 2012 6:31 PM
HP mulls cutting workforce 8-10 percent: sources

SAN FRANCISCO (Reuters) - Hewlett-Packard Co is considering cutting its workforce by 8 to 10 percent, or a minimum of 25,000 jobs, sources familiar with the matter told Reuters, as newly installed CEO Meg Whitman strives to return the storied Silicon Valley institution to growth.

The job cuts, which could include retirements, are under discussion but have not been finalized, several people familiar with the situation told Reuters.

Analysts had expected job cuts, first reported by Business Insider in the wake of Whitman's plan to merge the personal computer and printer divisions.

Shares of HP, the leading PC maker, were unchanged at $22.05 in afternoon trade.

(Reporting by Poornima Gupta; editing by John Wallace)