Xerox is slashing 15% of its workforce, amounting to roughly 3,000 jobs, in a “reinvention” plan that encompasses a new organizational structure and operating model. Xerox has about 20,500 global employees, according to its most recent annual report. Xerox (XRX) shares tumbled nearly 11% following the news. In a release, Xerox said that its new operating plan includes “improvement and stabilization of our core print business,” a “simplification” of its global business services and a “greater organizational focus” on its IT services unit. As for the layoffs, Xerox said they will happen this quarter and affected employees will be given “transition support.”For more CNN news and newsletters create an account at CNN.com

Source: CNN January 03, 2024 21:21 UTC