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HP May Cut Up To 30,000 Jobs In Restructuring Plan

Hewlett-Packard may cut as many as 30,000 jobs as part of a restructuring plan to be announced to shareholders next week.

The cuts, which will affect eight per cent of the company's 324,600 employees, mark new HP chief executive Meg Whitman's attempt to turn around the company's decline. Whitman, a former chief executive of eBay, replaced Leo Apotheker, under whom HP's profits shrunk by some 40 per cent. She has previously indicated a plan to implement cost-cutting measures and reinvest those savings into the company's key businesses.

Analysts attribute HP's failure to keep up with consumer demand for tablets and trends in cloud computing for its dwindling revenues.

If confirmed, the cuts would be among the largest mass lay-offs in recent years.