HP Inc. (IW 500/22) will slash as much as 16% of its workforce as part of a broad restructuring meant to cut costs and boost sales growth amid the company’s first change in top leadership in four years.
The personal computer giant 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, Calif.-based company said on Oct. 3 in a statement. HP had 55,000 employees as of a year ago, the last time it disclosed the figure.
