Tech Layoffs 2024: Xerox to fire over 3,000 employees to 'further the company’s reinvention'

Xerox, a company known for its digital printing and document management technologies, has announced that it will be reducing its workforce by 15 per cent. This decision is part of a larger plan to introduce a new organisational structure and operating model. The company has also announced a list of new executive leadership as part of the reshuffle. 

As of the end of last year, Xerox had approximately 20,500 employees. With the announced reduction, it is expected that over 3,000 employees will be affected by this change. The company plans to implement these layoffs within this quarter.

According to a report by CNBC, suggests that following the announcement, Xerox’s shares fell by more than 12 per cent. The company’s restructuring plan includes simplifying its core print business products, improving efficiency across its global business services, and increasing its focus on IT and other digital services.

Xerox CEO Steven Bandrowczak stated that the move towards a business unit operating model is a continuation of their client-focused, balanced execution priorities. This is designed to speed up product and services, go-to-market, and corporate functions’ operating efficiencies across all the regions they serve.

Bandrowczak said, “The evolution of Xerox’s Reinvention aligns our resources in three key areas – improvement and stabilization of our core print business, increased productivity and efficiency through the formation of a new Global Business Services organization, and disciplined execution in revenue diversification.”

Also read: Google may layoff 30,000 employees as AI improves operational efficiency: Report

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