Hewlett-Packard Company (NYSE:HPQ) reduced their workforce last year by 17,800 employees which is more than halfway to the restructuring goal they had announced. Most of the departures came from layoffs, however, some key IT workers left unexpectedly. The company employed 331,800 globally as of October 31, the end of their fiscal year, according to a Dec. 27 10-K filing with the U.S. Securities and Exchange Commission. Last May, HP announced plans to cut their worldwide workforce as part of a turnaround effort.
Citigroup Inc. (NYSE:C): Standard & Poor’s Rating Services said that Citigroup Inc.’s announced merger of Citigroup Funding Inc., an intermediate holding company, with Citigroup Inc., the ultimate parent, does not affect the ratings on any of the debt issues from Citigroup Funding Inc. The ratings on these issues were based on a full and unconditional guarantee from Citigroup Inc. Any debt issues outstanding under Citigroup Funding Inc. will be assumed by Citigroup Inc. (A-/Negative/A-2).
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Microsoft Corporation (NASDAQ:MSFT): One of Microsoft Corporation’s most accomplished and experienced executives and head of Microsoft Research, Craig Mundie, is on his way out. His departure was divulged within a Microsoft email from Steve Ballmer, but strangely, it did not come to the world’s attention until Ina Fried at All Things D broke the story on Dec. 24. Fried confirmed the change by consulting Mundie’s newly updated biography on the Microsoft website. Bloomberg has since reproduced the memo.
Nokia Corporation (NYSE:NOK): Shares of troubled Finnish handset maker Nokia Corporation increased to 5.6% in Europe on the first trading day of 2013 with strong sales in China and positive developments on the patent front, boding well for the company’s future finances. With the firm heading into this weekend’s International Consumer Electronics Show with no new products on hand, this could also be a time to take profits, according to analysts from Nordea in Helsinki. Over the past month, the stock soared about 25%.
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