HP Firing 24,600 Employees After Buying EDS (HPQ)

HP said today that it’s laying off 24,600 employees – 7.5% of its workforce – as part of corporate restructuring resulting from the company’s purchase of EDS. Together, the two companies have 325,000 employees, and the layoffs will be spread across both workforces.

The cost cutting will result in $1.8 billion in annual savings, but will cost the company a $1.7 billion restructuring charge in Q4.

See Also:
HP Buys EDS For $25 A Share, Raises Guidance

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