The restructuring will cost around $2.7 billion but HP cleams it will lead to savings of $2.7 billion a year. Most of the job cuts will be made in the Enterprise Service division and Mike Nefkens, the group's head, said the goal is to have 60 percent of the workforce in countries with low labor costs by 2018.
These cuts come on top of some 55,000 already let go by Meg Whitman in a series of cuts that started in 2012 at a total cost of around $5.5 billion, for a total of 85,000 lost jobs under her reign. Whitman will become president and CEO of Hewlett-Packard Enterprise, and chairperson of the board of HP Inc. The goal of the split is to produce two companies that are "simpler and more nimble." While that remains to be seen, the new companies will certainly be smaller.Via: ARS Technica