Hewlett-Packard slashes 2% of its work force

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Palo Alto, Calif.--Hewlett-Packard Co., one of the bellwethers of the technology industry, said it would reduce by 2% its global work force of 88,500 employees. The job cuts, coming on the heels of much wider cuts by Murray Hill, N.J.-based Lucent Technologies Inc. and Clinton, Miss.-based WorldCom Inc., signals a slowing demand in computer and telecommunication infrastructure. HP sent an internal memo to employees notifying them that job cuts will be made in February. HP missed its fourth-quarter profit estimate and has been restructuring for more than a year to improve its ability to manage disparate businesses.
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