Xerox (NYSE:XRX) plans to slash its headcount by 15% as part of a restructuring, the company announced Wednesday.
The print and digital document company intends to streamline its core print business and “create greater organizational focus” on digital services and IT.
Xerox (NYSE:XRX) had roughly 20,500 employees as of the end of 2022, according to an SEC filing, meaning the layoffs would affect about 3,075 workers.
″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,” CEO Steven Bandrowczak said in a statement.
Investors often respond positively to cost-cutting moves like layoffs, but Xerox (NYSE:XRX) shares fell more than 9% Thursday afternoon.