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HP Expects To Cut Up To 5,000 Jobs By 2019, More Than Planned

HP Inc. (HPQ) disclosed in a regulatory filing that its board approved amending a restructuring plan. HP now expects about 4,500 to 5,000 employees to exit by the end of fiscal year 2019.

HP estimates that it will now incur aggregate pre-tax charges of approximately $700 million relating to labor and non-labor actions. HP estimates that approximately half of the expected cumulative pre-tax costs will relate to severance and the remaining costs will relate to infrastructure, non-labor actions and other charges.

On October 10, 2016, HP's Board approved restructuring plan, which it had expected would be implemented through fiscal year 2019. HP estimated that it would incur aggregate pre-tax charges of approximately $500 million relating to labor and non-labor actions. HP expected around 4,000 employees to exit by the end of fiscal year 2019.

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