"Xerox Announces 15% Workforce Reduction and Major Operating Model Overhaul"
Xerox is cutting 15% of its workforce, amounting to 3,000 jobs, as part of a strategic "reinvention" to boost its core print business and create a new business services unit. This move comes despite the company being profitable in recent years, with the layoffs reflecting broader job market trends where job postings have significantly decreased. The restructuring includes an executive shuffle, with new leadership aiming to enhance product and service delivery efficiency. The announcement led to a nearly 10% drop in Xerox's share price.