"Xerox Slashes 15% of Jobs Amidst Major Operational Overhaul"
Xerox has announced a 15% reduction in its global workforce as part of a restructuring effort to shift focus towards business services and away from its traditional photocopier business. This move is expected to occur in the first quarter of 2024 and follows a series of strategic changes and divestments in response to the digital age's impact on demand for printed documents. The announcement led to a significant drop in Xerox's share price, despite previous cost-cutting measures and attempts to diversify its business, including a failed merger with Fujifilm and an unsuccessful bid to acquire HP.