Bangalore: It won’t be a happy new year for Hewlett Packard (HP) employees this time around, as the company has decided to trim down its workforce by about 34,000 the coming year, reports the Times of India.

The company had originally planned to lay off 29,000 employees as part of its global revamp plans. But in a Securities and Exchange Commission (SEC) filing, HP revealed that this number may go up by about 5,000, which is shocking. And the company cited market and business pressures as the major reasons behind this disturbing move.     

"Due to continued market and business pressures, as of October 31, 2013, HP expects to eliminate an additional 15 percent of those 29,000 positions, or a total of approximately 34,000 positions, and to record an additional 15 percent of that $3.6 billion in total costs, or approximately $4.1 billion in aggregate charges," the company quoted in its annual report. "HP expects to record these charges through the end of HP's 2014 fiscal year as the accounting recognition," it added.

HP currently employs 3,31,800 employees worldwide and plans to complete its major revamp by October 2014.

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