9/16/2008

Hewlett-Packard plans to cut 7.5% of its work force, or 24,600 jobs, seeking to maximize gains from its acquisition of Electronic Data Systems. The $13.2 billion deal with EDS made HP the second-largest provider of technology services in the world and No. 1 in application management. HP expects about $1.8 billion in annual cost savings over the next three years, during which layoffs will take place, although it expects that about half of the jobs will be forwarded to new areas.

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