Xerox Plans Workforce Reduction, Cutting 15% and Eliminating 3,000 Jobs

Art PostAdmin VIP

reported on NY Post
Xerox plans a 15% layoff, affecting 3,000 of its 20,000 employees.
Aiming to boost its print business, it's restructuring and forming a new business services unit.
Leadership changes include John Bruno and Louis Pastor taking key roles.
CEO Steven Bandrowczak sees this as vital for efficient product delivery.
Stock dropped 10% post-announcement.
Despite past profitability, Xerox's growth has stalled around $7 billion in revenue.
In 2020, a $35 billion HP takeover attempt was halted due to the pandemic.
The layoffs coincide with a challenging job market, with job postings down 15% in 2023 per Indeed data.

1/3/249:16 PM

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