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 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.