Hewlett Packard tightens its belt



Amid gloomy economic news in the USA, computer giant Hewlett Packard has told staff in the USA that it will delay annual pay rises by three months, saving...



Amid gloomy economic news in the USA, computer giant Hewlett Packard has told staff in the USA that it will delay annual pay rises by three months, saving up to $100m. Chief executive Carly Fiorina announced in November that she and other top executives would forego bonuses and attack expenses.

News of the delayed pay increases was leaked to Silicon Valley newspaper San Jose Mercury by disgruntled employees.

HP issued a profits warning last month on the back of the slowdown in PC sales, but said its exposure to the low-margin PC business was smaller than rivals.

HP has 80,000 employees worldwide.

Staff at the other major IT companies may now begin to worry about their own bonuses.

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