HP to reduce as much as 16 per cent of workforce

HP Inc will slash as much as 16 per cent of its workforce as part of a broad restructuring that is meant to cut costs and boost sales growth. This comes amid the company’s first change in top leadership in four years.

HP Inc said it will cut 7,000 to 9,000 positions through firings and voluntary early retirement. The job reductions will help save about $1 billion by the end of fiscal 2022, the Palo Alto, California-based company said Thursday in a statement.

The company had 55,000 employees as of a year ago, the last time it disclosed the figure.