Hewlett-Packard may possibly reduce 34,000 jobs by October

Hewlett-Packard may possibly reduce 34,000 jobs by OctoberFacing dwindling PC sales and adverse market conditions, US-based technology giant Hewlett-Packard (HP) expects to reduce up to 34,000 jobs by October this year as part of its multi-year restructuring programme to diminish costs.

HP had estimated eliminating about 29,000 positions through fiscal year 2014 in July last year, as part of its restructuring programme, which was resumed in 2012.

However, details of locations that would be affected by the decision were not disclosed.

HP said in a filing to the US Securities and Exchange Commission (SEC),"Due to continued market and business pressures, as of October 31, 2013, HP expects to eliminate an additional 15 per cent of those 29,000 positions or a total of approximately 34,000 positions."

It said "HP expects approximately USD 3.5 billion to relate to workforce reductions, including the EER programs, and approximately USD 0.6 billion to relate to infrastructure, including data centre and real estate consolidation, and other items."

The programme will now cost the company about USD 4.1 billion in aggregate charges, instead of the earlier estimate of USD 3.6 billion, it added.

The firm, headquartered in Palo Alto recorded a charge of about USD 1.2 billion in fiscal 2013.