HP Increases Job Cuts to 29,000

The company plans to invest the money it saves in R & D.

ZDNet: In a filing with the SEC, HP revised its expected job cuts from 27,000 to 29,000. As a result of its "2012 Plan" the company hopes to reduce its workforce by 8 percent for savings of $3 billion to $3.5 billion. It will reinvest much of those savings in its R & D efforts.

So far, HP has eliminated 3,800 positions as part of its restructuring. The majority of the job cuts are impacting its enterprise services group.

Tags: HP, restructurings, layoffs

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