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HP to cut 27,000 jobs by the end of 2014

Hewlett-Packard, the world’s largest maker of personal computers, is to cut 27,000 jobs by end of 2014.

The company said the cuts – about 8 percent of its workforce – will reduce costs by up to USD3.5 billion a year.

As part of the changes, the head of HP’s Autonomy division, Mike Lynch, is being replaced by Bill Veghte, HP’s chief strategy officer. Lynch will leave after what HP called a "transition period".

(Source: BBC News )