https://wccftech.com/almost-a-fifth-of-hps-workforce-now-on-the-chopping-block/

HP (NYSE:HPQ), the iconic company that manufactures computers and printers, announced today that it plans to reduce its headcount by 16 percent amid a broad-ranging restructuring plan that aims to cut costs, revive lagging sales and boost returns for shareholders.

The company has revealed that its restructuring will cost $1 billion with $100 million being charged in the fourth quarter of the current year, $500 million in 2020, and $200 million each in 2021 and 2022. HP aims to offset this cost by removing 7,000 to 9,000 employees from its current workforce of 55,000 through dismissals and voluntary early retirements over the next three years. The Palo Alto-based company estimates that the layoff will yield about $1 billion in cost savings which, in turn, should be sufficient to cover the restructuring costs. HP’s CFO, Steve Fieler, said in an interview that, “the bulk of the savings will be in corporate functions, [and] back-office support.”