Hewlett-Packard is expected to announce plans to cut 30,000 jobs next week. The money saved from cuts is expected to be used for new products and greater efficiency. The company is expected to reduce its workforce through voluntary retirements and layoffs, in what could a reduction of almost 10%. China, as well as research and development, are not expected to be affected by the changes.
See "Hewlett-Packard to Cut 30,000 Jobs", Quentin Hardy, The New York Times, May 17, 2012