Baker Hughes to increase number of planned layoffs

Traders gather at the post that handles Baker Hughes on the floor of the New York Stock Exchange (AP Photo/Richard Drew)

The drop in oil prices is hitting another Houston company hard. This time, we've learned oil field service company Baker Hughes is increasing planned layoffs.

The company originally outlined layoffs that amounted to about 7,000 jobs. Now, the company says it will increase that number to 10,500. That's about 17 percent of its workforce.

The Houston-based company says additional job cuts could be on the horizon.
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