Xerox announces layoffs: Over 3,000 employees affected in 2024 restructuring move

Xerox, a prominent player in digital printing and document management, has unveiled plans to lay off 15% of its workforce, affecting over 3,000 employees. The decision is part of a broader strategy to introduce a new organizational structure and operating model, with the goal of streamlining its core print business, enhancing efficiency in global business services, and emphasizing digital services and IT. Xerox CEO Steven Bandrowczak attributes the move to a shift towards a business unit operating model, aligning with the company's client-focused and balanced execution priorities. The restructuring plan has led to a significant decline in Xerox's shares, falling by more than 12% following the announcement.

 Xerox's workforce reduction comes amid a larger effort to revamp its core business products and optimize corporate functions globally. The restructuring is expected to be implemented within the current quarter, impacting a substantial portion of Xerox's approximately 20,500 employees. The company's strategic realignment aims to accelerate product and service delivery, enhance go-to-market strategies, and improve operating efficiencies across regions. As Xerox charts its course towards a new organizational paradigm, the tech industry witnesses the challenges of adaptation and evolution in response to changing market dynamics.