Hewlett-Packard has confirmed reports the company will separate itself into two businesses. One business will consist of personal computers and printers. The other would consist of corporate hardware and services."In short, by transitioning now from one HP to two new companies, created out of our successful turnaround efforts, we will be in an even better position to compete in the market, support our customers and partners, and deliver maximum value to our shareholders," CEO Meg Whitman said.When a company announces a corporate action that cuts costs, increase efficiencies, boosts profits, or does anything intended to boost shareholder value, you can almost always assume job cuts are coming.Indeed, CNBC's David Faber first reported that the split would come with 5,000 new layoffs. According to HP's newly released investor presentation, new planned layoffs boost the company's total planned layoffs to 55,000 from an earlier estimated range of 45,000 to 50,000 cuts.Ever since the financial crisis, many big companies have delivered robust earnings growth despite weak revenue growth thanks cost-cutting actions like the one we are now learning about.As far as we know, the layoffs have not been issued yet. But employees now know they're coming.