Hewlett-Packard to cut 24,600 jobs

Hewlett-Packard intends to cut up to 7.5 percent of its work force, or 24,600 jobs. This comes in the wake of its $13.9 billion acquisition of Electronic Data Systems (EDS), as HP attempts to realize the gains from the deal that propelled the company from No. 5 to the world's second largest provider of technology services. The cutback will occur over three years, with nearly half the job reductions occurring in the United States. Annual cost savings of approximately $1.8 billion are expected from the cuts. Still, the bigger picture could well be how EDS's vastly different culture could be integrated into HP.

For more on the changes at Hewlett-Packard:
- check out this The Business Review News article