HP Slashing Up To 5,000 Jobs By 2019
HP will be cutting up to 5,000 employees by the end of fiscal 2019.
The personal computing company made the announcement through a regulatory filing.
The company is estimating it will now incur aggregate pre-tax charges of approximately US$700 million relating to labour and non-labour actions.
HP estimates that approximately half of the expected cumulative pre-tax costs will relate to severance and the remaining costs will relate to infrastructure, non-tabor actions and other charges.
Its executives says they were ‘expanding the job cuts’ that started back in fiscal 2017.
In October 2016, the HP board approved a restructuring plan to happen until fiscal year 2019 with 4,000 job cuts.
It has 49,000 employees as of October 31.