24,000 jobs cut by management, expect big bonus for the CEO.
The computer and printer maker Hewlett-Packard announced on Monday that it would eliminate 24,600 jobs, or 7.5 percent of its work force, as part of its plan for digesting the computer services giant Electronic Data Systems, which it acquired for $13.9 billion in August.
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Almost half of the job cuts will occur in the United States. The company, based in Palo Alto, Calif., said it expected the reorganization to result in annual cost reductions of nearly $1.8 billion. It said it would record a $1.7 billion charge in the fourth quarter tied to the layoffs.
Yet another example of the wise management that makes one want to vote Republican forever.
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