HP to cut 5,000 more jobs

Tough times seem ahead for Hewlett Packard (HP) employees. The company is set to cut more jobs in the coming year, as part of its global turnaround plan. 

In a Securities and Exchange Commission (SEC) filing, HP has revealed that it plans to lay off 5,000 more people in addition to the 29,000 it had originally planned. The company has blamed market and business pressures for the increase in the estimated job cuts. In May 2012, the company had initially announced that it planned to cut 27,000 jobs in May 2012, increasing the figure to 29,000 in September 2012. 

"Due to continued market and business pressures, as of October 31, 2013, HP expects to eliminate an additional 15% of those 29,000 positions, or a total of approximately 34,000 positions, and to record an additional 15% of that $3.6 billion in total costs, or approximately $4.1 billion in aggregate charges," HP said in its annual report. "HP expects to record these charges through the end of HP's 2014 fiscal year as the accounting recognition." 

HP expects to complete the job cuts by October 2014. The company has 3,31,800 employees, globally.