U.S. printing services corporation Xerox is slashing 15% of its workforce in the new year, the company announced Wednesday.
Xerox will reportedly inform employees of their job status during the first quarter of 2024 and offer “transitional support” to those affected by the layoffs.
“The shift to a business unit operating model is a continuation of our client-focused, balanced execution priorities and is designed to accelerate product and services, go-to-market, and corporate functions’ operating efficiencies across all geographies we serve,” said Xerox CEO Steven Bandrowczak.
As a result of the news, Xerox shares fell 11% during trading Wednesday.
