"Xerox Announces 15% Workforce Reduction as Part of Strategic Reinvention"
Xerox is set to reduce its workforce by 15%, impacting over 3,000 employees, as part of a major organizational restructuring and implementation of a new operating model. The company aims to adapt to the hybrid workplace, improve productivity, and focus more on digital and IT services. This decision follows the recent redesign and realignment of its executive team and the death of CEO John Visentin. Xerox's stock experienced a decline during midday trading following the announcement, despite the overall positive market reaction to the restructuring plan. Transition support will be provided for the affected employees, with the cuts subject to consultation with employee representative bodies where necessary.