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Hewlett-Packard is to axe 5,900 jobs in Europe as part of a plan to reduce its global workforce by ten per cent over the next 18 months.

In total, the company will shed some 15,000 jobs out of a total workforce of 150,000.

It did not disclose any further details about the restructuring.

In a statement HP said that those employees hit by the job cuts would receive "comprehensive severance arrangements that will include financial compensation and job search placement".

HP said that it regretted the jobs cuts, adding that they were necessary to meet cost savings of $3bn a year by 2004. ®

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