Overview

• Xerox, the IT corporation known for office equipment like printers and copiers, announced it will cut 15% of its workforce, amounting to roughly 3,000 jobs, as part of a 'reinvention' plan.
• The company's restructuring plan includes improvement and stabilization of its core print business, increasing productivity and efficiency through its new Global Business Services, and a greater focus on its IT services unit.
• Xerox's CEO, Steven Bandrowczak, said the new operating model is designed to accelerate product and services, go-to-market, and corporate functions' operating efficiencies across all geographies they serve.
• The layoffs, which will take place in the first quarter of 2024, are expected to affect employees across all levels and areas of the organization.
• Following the announcement, Xerox's share price fell by more than 9%.