Palo Alto, Calif. -- A week after leaks first surfaced about impending layoffs at HP, the Palo Alto-based technology giant late Wednesday made them official, outlining plans to downsize by about 27,000 employees, or 8% of its staff. The company said it will offer eligible employees early retirement packages, with the number of layoffs depending on how many accept the deals. The restructuring is expected to be completed by the end of fiscal 2014, with HP saving in the range of $3-$3.5 billion a year. "These initiatives build upon our recent organizational realignment, and will further streamline our operations, improve our processes, and remove complexity from our business," said Meg Whitman, HP's president and CEO. "While some of these actions are difficult because they involve the loss of jobs, they are necessary to improve execution and to fund the long term health of the company."