HP to lay off about 27,000, eyes over $3 billion savings

Reuters News
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Posted: Jun 07, 2012 1:14 PM
HP to lay off about 27,000, eyes over $3 billion savings

SAN FRANCISCO (Reuters) - Hewlett Packard Co outlined a plan on Wednesday to lay off roughly 27,000 employees or about 8 percent of its workforce, generating annual savings of $3 billion to $3.5 billion as it exits fiscal 2014.

The world's No. 1 personal computer maker said in a statement most of those savings would be reinvested into the company.

(Reporting By Poornima Gupta; Editing by Bernard Orr)