New Hewlett-Packard CEO Mark Hurd is expected to initiate major layoffs, several analysts are reporting. According to Merrill Lynch analyst Steven Milunovich, following a meeting with Mr. Hurd, "Hurd's initial benchmarking has made clear that there is still too much overhead; we expect close to a 10 percent cut (in the workforce) soon."
The Palo Alto-based company has not made any formal announcements, but Mr. Hurd has indicated that HP will incur a U.S. $100 million charge this quarter related to workforce reductions. Several analysts said they expect HP to eliminate 7,500 to 15,000 positions from its global workforce of 151,000 employees. (CBS 5, San Francisco, Oak Land, San Jose)
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