HP to slash 15000 jobs

Hewlett-Packard officials worked over the weekend to finalize the size of the layoffs, which will come within 5 percent of the previously targeted 15,000 positions, according to a source close to the company. IT, sales and services will be among the areas particularly hit, although the sweeping cuts will be felt throughout the company, according to the source.

HP is expected to announce the layoffs as early as Monday, but employees are not expected to be immediately notified of their status, the source said, noting such a practice is common in corporate America. More high-level discussions on the layoffs will occur late next week and employees may get a greater sense of their specific status sometime thereafter.

Analysts, however, have been expecting HP's Technology and Solutions Group to be the likely recipient of most of the pink slips, as well as services and HP's research and development spending.

Massive job cuts have been more the rule than the exception in recent years at the Palo Alto, Calif.-based company. HP laid off thousands of employees under the plan by previous CEO Carly Fiorina to merge with Compaq Computer.

- It's not really slowing down, is it? I mean, the race to the bottom and all that, as someone from Mexico reportedly noted :

"... in order for a world economy to work, all economies must be at the same level. I don't think the USA can bring everyone up to your level, so you are going to have to come down to our level. We will all race to the bottom... . Like there is some great reward for having the lowest standard of living."

Update (18 Jul 2005): now also on Slashdot (they're slow on this one! lol).

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