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HP to Lay off 14,500 to Cut Costs Computer and printer maker Hewlett Packard is trimming 14,500 jobs in a cost-cutting move. The cuts represent about 10 percent of HP's global workforce. 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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HP to Lay off 14,500 to Cut Costs

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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.