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Xerox to Cut Jobs
Nov 20, 2002
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Xerox Corp. said it will cut more than 2,400 jobs, or 3.4 percent of its worldwide work force, through a combination of voluntary programs and layoffs in a bid to cut costs and boost efficiency. The cuts will result in a pretax charge against earnings of U.S. $350-$400 million in the fourth quarter. The charge includes severance costs and about $50 million associated with facility consolidations and closings.

The company said it has launched voluntary and involuntary programs in the U.S. and Canada that are expected to reduce employment by more than 2,400 over the next 3 months. Work force reductions in Europe and developing markets are dependent on consultations with workers’ councils and other government policies, Xerox said. The restructuring is expected contribute to the company’s target of an additional $1 billion in annualized cost savings. As of the end of September, Xerox’s worldwide employment was 69,900 including 40,900 employees in the U.S.

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