It may have announced a whole host of new products, but things are looking none too rosy for HP, which has today announced plans to cut 25,000 jobs.

It seems the credit crunch has hit the technology company which has announced a 3-year plan, which includes slashing 24,600 jobs as it integrates Electronic Data Systems into its business.

The American economy is currently reeling and this announcement, of which half the jobs are Stateside, is sure to add to the woes.

The total job losses equate to more than 17% of EDS' global workforces, or 7.5% of the workforce of the two companies combined.

And most of the jobs are to go at EDS, which has its headquarters in Plano, Texas.

The FT adds that the restructuring is expected to result in $1.8bn in annual cost savings over 3 years.