Business

HP to Lay off 14,500 to Cut Costs

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Computer and printer maker Hewlett Packard is trimming 14,500 jobs in a cost-cutting move. The cuts represent about 10 percent of the global workforce for HP, which merged with Compaq several years ago.

Figures released by the company estimate a cost reduction of $1.9 billion annually. As the Silicon Valley company strives to compete with technology rivals such as Dell and IBM, it also announced an overhaul of its retirement program.

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