The American corporation Xerox, known as one of the global leaders in printing and document management technologies, has revealed plans to reduce its staff by 15% as part of a large-scale restructuring and implementation of a new organizational structure.

According to CNBC, as of December 31, 2022, Xerox had about 20,500 employees, according to a report filed with the US Securities and Exchange Commission. The reduction is expected to affect more than 3,000 employees.

It is stated that the reduction process will be implemented during the current quarter, which will lead to a significant transformation of the company and increase its competitiveness.

The announcement of the restructuring had a significant impact on Xerox's financial position: the company's shares lost more than 12% of their value on Wednesday.

As part of the restructuring plan, Xerox plans to improve the efficiency of global business services and focus on the development of IT and other digital services.

In addition, Xerox has announced a restructuring of its management team to support the implementation of the new business model. Xerox CEO Stephen Bandrovchak defined this step as part of the company's strategy to accelerate product and service development, bring them to market, and improve the operational efficiency of corporate functions in all regions of its operations.