BusinessCompany NewsHP restructuring to cut finance jobs

HP restructuring to cut finance jobs

HP to cut 14,500 jobs, including back office and finance functions

HP is to cut 14,500 jobs in a restructuring programme intended to make annual
savings of $1.9bn (£1.1bn).

The company will axe 10% of its regular full-time staff over the next
year-and-a-half, in a move that could see cuts in the UK finance function.

In a statement, HP said: ‘The majority of staff reductions will come in
support functions, such as information technology, human resources and finance.
The remainder will be made inside business units, in areas where work can be
reduced by improving processes and re-prioritising existing tasks.

‘Headcount-reduction plans will vary by country, based on local legal
requirements and consultation with works councils and employee representatives,
as appropriate.’
The company said half the savings would be used to offset market forces or
reinvested in the business to strengthen HP’s competitiveness.

‘After a thorough review of our business, we have formulated a plan that will
enable HP to begin delivering its full potential and perform better,’ said Mark
Hurd, HP chief executive.

Additional reporting by Accountancy Age staff

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