HP to Dismiss More Employees Than Planned

Hewlett Packard’s CFO, Cathie Lesjak (pictured), announced that the number of employees to be laid off would exceed the 55,000 figure it was targeting earlier.

According to Business Insider, investors and analysts were not surprised by the announcement. With more than 300,000 employees, HP is about three months into its plans to cleave itself into two Fortune 50-sized companies. HP management has been hinting for months that the separation would probably involve more cuts.

In the first quarter ended this January (1Q2015) HP dismissed 2,800 empoyees. Up until now, 44,000 people have already left the company under HP’s 2012 reconstruction plan.

By October, when HP’s fiscal year ends, “55,000 people are expected to exit. However, we do anticipate incremental opportunity for operational improvements identified through the separation process,” said Lesjak.

Business Insider claims to have talked to some HP employees that aren’t particularly worried. “That’s because while cutting, HP is also investing in hot areas like cloud, networking, and advanced systems, and there are long-term career options for many people in those business units.”

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