Hewlett-Packard announced Wednesday that they will cut about 27,000 jobs by the end of 2014 in order to save up to $3.5 billion, so that's obviously not great news for the economy.
We've noted that CEO Meg Whitman has a steep hill to climb to turn the company around, and indeed 27,000 is a very steep number. It represents 8 percent of the company's workforce, in fact. As Bloomberg's Aaron Ricadela reports, Whitman said, "We view any restructuring announcement as a positive move, but one that will take several years to sustainably improve margins, EPS and free cash flow." Positive? Probably not so much if you work for HP.
This article is from the archive of our partner The Wire.