London, May 23(ANI): Computer giant Hewlett-Packard is set to cut 27,000 jobs by the end of 2014.
The company said the cuts of about 8 percent of its workforce would reduce costs by up to 3.5 billion dollars (2.2 billion pounds) a year.
According to the BBC, the company said in a statement that the money would be reinvested in the company.
It claimed that the redundancy was part of a "productivity initiative designed to simplify business processes" and was a required measure as rival products such as the iPad tablet computer interfered in HP's sales.
As part of the changes, Bill Veghte, HP's chief strategy officer, is replacing the head of HP's Autonomy division, Mike Lynch. Lynch will leave after what HP has called a "transition period".
Hewlett Packard employs about 350,000 people worldwide and about 20,000 in the UK. A spokesman revealed was too early to say exactly where the job cuts would hit, but no part of the business would escape some losses.
"We have not yet announced specific plans with regards to specific locations. We do expect the workforce reduction to impact just about every business and region," the spokesman said. (ANI)
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