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Hewlett-Packard Company (NYSE:HPQ) Looks Forward To Axe 800 people in Bangalore

Boston, MA 08/29/2014 (wallstreetpr) – According to reports, Hewlett-Packard Company (NYSE:HPQ) has decided to axe as many as 800 people from its Bangalore office. The news was spread by one of the people close to this matter who denied telling his name as the matter was very private. The main reason behind this mass job cutting is said to be HPQ’s failure in keeping the account of Bank of America Corp (NYSE:BAC).  As per the information, HPQ lost the account of BAC to HCL.

Who will go first:

As per the reports, company has decided to axe 800 employees of those who belong to level 1, 2, and 3. Some of these employees are part of support team as well. Most of the employees who belong to these levels are expert in fixing various technical problems. Although Hewlett-Packard Company (NYSE:HPQ) management has refused to comment on this news. When reporters tried to get in touch with someone from HPQ management, an employee said, “It is a meritless report which doesn’t have any base.”

The news spread in the market like lightening and created a buzz around. Reporters even tried to get-in-touch with someone from HCL management to bring some light on the issue. One of the tech spokespeople of HCL said, “We don’t believe in commenting on rumors.” The person who revealed this information also said that the company had started sending letters to all the support staff executives. Probably Hewlett-Packard Company (NYSE:HPQ) would give them one month’s notice period so that they can find jobs. The company has more than 317,500 employees working for it globally. Other than Bank of America Corp (NYSE:BAC), a few other accounts have decided to part their ways. One of the major names in this list is Palo Alto, which is  a California-based company. According to reports, it has decided to enter into a new contract with American Express.

Published by Alan Masterson

Alan has over 25 years of trading experience in the U.S. equity markets. He began his career in finance working on a program trading desk specializing in over-the-counter stocks. His career progressed from that point to his current position as senior trader on an institutional trading desk. In the evenings, Alan teaches economics at a local community college. He has contributed articles to various publications over the last six years, including feature articles for an economics magazine and various financial blogs. You may contact Alan via his email ([email protected]) or his Google+ page (https://plus.google.com/103338576216002376250).

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