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HP Announces Restructuring Plan: Up to 9,000 Jobs to Be Cut HP Announces Restructuring Plan: Up to 9,000 Jobs to Be Cut
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HP Announces Restructuring Plan: Up to 9,000 Jobs to Be Cut
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Old 7th October 2019, 07:53   #1
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Default HP Announces Restructuring Plan: Up to 9,000 Jobs to Be Cut

HP late on Thursday announced plans to restructure the company in a bid to simplify its operations, cut costs, and increase dividends to investors. As a part of its fiscal 2020 restructuring push, the company will reduce its global headcount by anywhere from 7,000 to 9,000 employees in the coming quarters, which the company expects will allow it to save about $1.0 billion by the end of its fiscal 2022.

HP, which had about 55,000 employees worldwide as of October 31, 2018, intends to reduce its workforce by 7,000 9,000 employees (or by 13% 16%) through a combination voluntary early retirements and layoffs. The downsizing and other restructuring charges will cost the company $1 billion: $100 million in Q4 of FY2019, $500 million in FY2020, and $400 million split between FY2021 and FY2022. Back in mid-2018, the company said it would cut 4,500 5,000 employees by the end of fiscal 2019, but it is not clear how many people the company employs now.
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