Hewlett-Packard will cut more of its global staff than first planned, upping the figure from around 27,000 to 29,000 employees.
The world's largest computer maker said today in its 10-Q quarterly filing with the U.S. Securities and Exchange Commission that it will, "eliminate approximately 29,000 positions in connection with the 2012 Plan through fiscal year 2014."
HP said in May that it would cut 27,000 jobs -- roughly 8 percent of its global workforce -- and plow the $3 billion to $3.5 billion it says it will save into research and development. The cuts will be spread over the next two years, but overall R&D spending will increase from the 3 percent of revenue it currently stands at.
The filing notes that the multi-year restructuring plan -- dubbed the "2012 Plan" -- was aimed to "simplify business processes, accelerate innovation and deliver better results for customers, employees and stockholders." In a nutshell: cut the wheat from the chaff and try to keep ahead of its global competitors, notably up-and-coming Lenovo.
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