Xerox shares slide after cutting 15% of its workforce

Xerox is slashing 15% of its workforce, amounting to roughly 3,000 jobs, in a “reinvention” plan that encompasses a new organizational structure and operating model.

The company, best known for manufacturing office equipment like printers and copiers, announced the changes on Wednesday. Xerox has about 20,500 global employees, according to its most recent annual report.

Xerox (XRX) shares tumbled nearly 11% following the news.

In a release, Xerox said that its new operating plan includes “improvement and stabilization of our core print business,” a “simplification” of its global business services and a “greater organizational focus” on its IT services unit.

″The shift to a business unit operating model is a continuation of our client-focused, balanced execution priorities and is designed to accelerate product and services, go-to-market, and corporate functions’ operating efficiencies across all geographies we serve,” Xerox CEO Steven Bandrowczak said in the statement.

As for the layoffs, Xerox said they will happen this quarter and affected employees will be given “transition support.”

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