HP mulls slashing 1,000 German jobs

(MENAFN) Hewlett Packard (HP) is likely to slash 1,000 German jobs as it plans to reduce its workforce in Europe, reported Reuters. The German WirtschaftsWoche magazine cited unnamed officials close to the world's largest personal computer maker as saying that by the end of 2014, the company will slash around 8,000 positions in Europe. The company plans to boost organic growth using the cost savings resulting from job reductions, which are expected to reach between USD3 billion to USD3.5 billion annually as the company exits its 2013/2014 year. It is worth noting that HP announced in May that slashing 8 percent of its workforce will be made via early retirement.