According to AP reports this afternoon, Palo Alto-based Hewlett-Packard is slashing 27,000 jobs in an effort to save over $3 billion annually. The huge loss of jobs comes nine months after the world's largest PC maker installed failed gubernatorial candidate Meg Whitman as chief executive.

Whitman has been struggling to turn the PC and printer behemoth around after sales sank under her predecessor's watch. According to Bloomberg, Whitman believes the company needs to get more competitive and focus their spending on research and design.

The 27,000 layoffs represent 8% of HP's 349,000-strong workforce, and are expected to be completed by the end of the company's fiscal year 2014.