HP continues lay-offs

The maker of printer ink more expensive than gold has decided that it does not need 5,000 people and told them to clean out their desks.

HP has laid off more than 34,000 people during a restructuring which has literally decimated the company.

For those who came in late, decimation was a practice in the Roman Army where ten percent of a legion were murdered by those left standing as a disciplinary measure.

By getting rid of 34,000, HP has removed 11 percent of its workforce. The cost of getting rid of these staff is $4.1 billion in 2014, up from its prior estimate of $3.6 billion.

The move is part of a cunning plan to get back to growth using retrenchment and other means that J Edgar Hoover would have thought was a good idea.  Job cuts and “focusing on businesses with longer-term potential such as enterprise services” has been the order of the day.

More job cuts are expected. HP had estimated that it would cut about 29,000 jobs through fiscal year 2014.  The company had about 317,500 employees as of October 31 so it still has a few people left.

The cost cutting has been popular with shareholders.  The price of HP shares have gone up by 96 percent over the last year.