Xerox to slash 15% of workforce in bloodbath that will eliminate 3,000 jobs

Published

1 year ago

January 5, 2024

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Xerox, the IT corporation behind ubiquitous office equipment like scanners and printers, is laying off 15% of its workforce as part of a so-called “reinvention” strategy.

Per Xerox’s website, it had roughly 20,000 employees as of October 2023, meaning the cut would affect some 3,000 positions.

The bloodbath is part of a larger restructuring that will see the Norwalk, Conn.-based company adopting a new operating model and organizational structure aimed at boosting its core print business, according to CBS News.

It will also form a new business services unit and execute an executive shuffle that will see president and chief operating officer John Bruno leading the enterprise alignment of the company’s print, digital services and tech services business.

And Louis Pastor, Xerox’s chief transformation officer, will oversee the new global business services organization, per CBS.

The company’s longtime in-house counsel, Flor Colon, will also be promoted to chief legal officer.

Xerox CEO Steven Bandrowczak referred to the overhaul as “reinvention” in a statement to CBS that said the strategic pivot will enhance the company’s ability to efficiently bring products and services to market.

Following the news, Xerox’s share price tumbled nearly 10%, to $16.26, as of Wednesday afternoon.

The workplace and digital printing solutions company’s revamp comes at a time when its growth has stalled — though it’s managed to turn a profit in recent years, including in 2022, when the company generated $7.1 billion in revenue.

In 2021, Xerox raked in $7.06 billion, slightly more than the $7.02 billion it made in 2020, the same year it abandoned its $35 billion attempt at a hostile takeover of larger rival HP because of the pandemic.

Representatives for Xerox did not immediately respond to The Post’s request for comment.

Xerox’s hefty layoff comes at a time when it’s getting increasingly harder to find a job.

Data from employment website Indeed found that job postings on the site were down more than 15% in 2023 compared to recent years.

Indeeds Job Posting Index, which tracked job postings as of early November 2023, showed an even bleaker drop of 22.5% from their Dec. 31, 2021, peak following a post-COVID hiring frenzy.

For reference, at the start of 2022, job postings on Indeed had skyrocketed nearly 70% from the year prior.

Separately on Wednesday, the Labor Department said job openings at US employers reached their lowest levels since early 2021, as did the number of people quitting their jobs a signal of shaky confidence in the job market.

World

Trump just wants a Ukraine-Russia deal – will Putin or Zelenskyy blink first?

Published

1 hour ago

March 20, 2025

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Trump just wants a Ukraine-Russia deal - will Putin or Zelenskyy blink first?

The tone has changed totally. It’s a remarkable turnaround from the Oval Office meltdown to the perfect phone call.

President Trump is wholly transactional. His desire for give and take far outweighs any ideological instincts. He has no particular alignment to Ukraine or, for that matter, to Russia.

He just wants a deal. Peace would stop the killing as he has said repeatedly. It would also allow for deals which can benefit America: recouping the taxpayer money spent on Ukraine and reconnecting the American economy with Russia.

But trumping all that is his legacy and his image. He wants to be seen as the peacemaker president.

Since the Oval Office moment, Ukraine’s President Zelenskyy seems now to have recognised all that.

Ukraine’s approach towards Trump has changed. Zelenskyy is now playing his game: transactionalism.

The minerals deal hasn’t dissolved. The indications I am getting is that it’s essentially been upgraded and broadened to a wider scope: fuller economic cooperation.

Zelenskyy needs to encourage America deep into his country economically. Has he bought into the idea that a US economic footprint amounts to a key part of a security guarantee?

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The old adage is: “If you are not at the table, you are on the menu.” That’s too true with President Trump.

Zelenskyy now feels like he’s at the table and I am told he doesn’t feel coerced.

The challenges remain huge though: he doesn’t trust Putin. That’s what he tried to tell President Trump in the Oval Office. The performance that day proved to him that Trump is inclined to trust Putin.

Zelenskyy must use transactionalism to draw an impatient Trump in.

President Trump is in a hurry for a deal. He’s inclined to accept wholly disingenuous commitments from Russia, or as one source put it to me: “Trump has a high tolerance for bullshit…”

That’s the jeopardy for Zelenskyy.

US

Trump just wants a Ukraine-Russia deal – will Putin or Zelenskyy blink first?

Published

1 hour ago

March 20, 2025

admin

The tone has changed totally. It’s a remarkable turnaround from the Oval Office meltdown to the perfect phone call.

President Trump is wholly transactional. His desire for give and take far outweighs any ideological instincts. He has no particular alignment to Ukraine or, for that matter, to Russia.

But trumping all that is his legacy and his image. He wants to be seen as the peacemaker president.

Since the Oval Office moment, Ukraine’s President Zelenskyy seems now to have recognised all that.

Ukraine’s approach towards Trump has changed. Zelenskyy is now playing his game: transactionalism.

The minerals deal hasn’t dissolved. The indications I am getting is that it’s essentially been upgraded and broadened to a wider scope: fuller economic cooperation.

Zelenskyy needs to encourage America deep into his country economically. Has he bought into the idea that a US economic footprint amounts to a key part of a security guarantee?

👉 Follow Trump 100 on your podcast app 👈

The old adage is: “If you are not at the table, you are on the menu.” That’s too true with President Trump.

Zelenskyy now feels like he’s at the table and I am told he doesn’t feel coerced.

Zelenskyy must use transactionalism to draw an impatient Trump in.

President Trump is in a hurry for a deal. He’s inclined to accept wholly disingenuous commitments from Russia, or as one source put it to me: “Trump has a high tolerance for bullshit…”

That’s the jeopardy for Zelenskyy.

US

Trump 100, Day 60: Zelenskyy and the ‘perfect’ phone call

Published

1 hour ago

March 20, 2025

admin

Trump 100, Day 60: Zelenskyy and the 'perfect' phone call

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From an Oval Office explosion to a “perfect phone call”, Donald Trump has spoken to Volodymyr Zelenskyy – just hours after his conversation with Vladimir Putin.

On Day 60, US correspondents James Matthews, Martha Kelner and Mark Stone discuss what’s happened to the minerals deal and ask: could the US take control of Ukraine’s energy infrastructure?

And as a constitutional showdown brews in America, Trump takes aim at the judiciary, calling for judges who block his policies to be removed. With tensions rising between the executive and judicial branches, could America be heading toward a crisis of power?

If you’ve got a question you’d like James, Martha and Mark to answer, you can email it to trump100@sky.uk.

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