Xerox Holdings
is targeting a 15% workforce reduction this quarter as part of a new operating model it unveiled Wednesday.
Shares of the imaging-technology company slid 6.8% to $16.80 in early trading. The
S&P 500
was 0.6% lower.
The reorganization “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,” said Chief Executive Officer Steven Bandrowczak in a news release.
The company disclosed general plans for an overhaul, meant “to enable sustainable profit improvement and revenue growth” through expanding services, when it posted its third-quarter financial report in October.
Write to Emily Dattilo at emily.dattilo@dowjones.com
Read the full article here
