5,700 more jobs to go at HP

Yet more jobs to go at HP

HP is to cut a total of 5,700 jobs across Europe, the Middle East and Africa over the next two years.

The move is the latest in a series of staff cutbacks announced by the IT giant over the past year.

Earlier this week, HP announced it was moving storage and server production from Scotland to the Czech Republic with 850 workers losing their jobs.

After announcing disappointing financial results this month, HP said it would cut the size of its global workforce by a further two per cent. Net second-quarter revenue decreased three per cent to $27.4bn (£17.7bn) from a year ago, with operating profit down 12 per cent for the year at $2.3bn.

That two per cent reduction came on top of a previously announced plan to reduce headcount by 24,600 as a result of the acquisition of EDS last year – of which more than 3,000 were in the UK – as well as a proposed five per cent pay cut for all staff.

HP chief executive Mark Hurd is still being cautious about economic recovery, according to a report from Reuters.

"We have seen some good signs (of recovery), but I would like to see it across more markets to really feel as good as I think people are hoping for," he said.