Hewlett-Packard, which is set to be split into two separate listed companies later this year, has stated that it plans to cut as many as 33,000 more jobs in the near future. The decision comes as Chief Executive Officer Meg Whitman attempts to restructure the company so it can adapt to a rapidly changing market, according to Bloomberg Business.
"We've done a significant amount of work over the past few years to take costs out and simplify processes and these final actions will eliminate the need for any future corporate restructuring," Whitman said while explaining the rationale of the decision.
The restructuring is set to take effect in November when HP splits in to two companies, Hewlett-Packard Enterprise, which aims to supply businesses with high-end technology, and HP Inc., which will sell the company's computer and printers, Reuters reported.
The changes are set to make the companies into business entities that are more nimble and specialized. It is also part of the HP's efforts to save $2.7 billion in operating costs, which, once the restructuring is finalized, will begin in the fourth quarter.
Hewlett-Packard is expected to have more than $50 billion in annual revenue, as well as report adjusted profit of $1.85 to $1.95 per share in 2016.
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