Adding to the week's bad news, Hewlett-Packard has said it will cut nearly 25,000 jobs, according to the Financial Times.
However, this move is about integrating the recently acquired EDS rather than any disasters arising from fancy financing practices. HP reportedly said it would cut 24,600 employees over three years.
The move amounts to just over 17% of EDS's global workforce, or about 7.5% of the workforce of the combined companies. HP said employees at EDS, which is based in Plano, Texas, would account for "nearly all" the planned job cuts.
The company reportedly said nearly half the job reductions would be in the US, with most of the cuts coming from EDS's legal, IT support and human resources teams and other business units made redundant by the HP takeover.
It said it expected the restructuring to result in US$1.8 billion (€1.26 billion) savings over three years.
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