Xerox announced it will cut 15% of its global workforce, or around 3,500 jobs, in restructuring efforts set to occur in the first quarter of 2024. Xerox is shifting its focus more toward business services offerings like financial services like insurance and real estate as demand for printers and photocopiers has declined significantly. The company's attempts to diversify away from printers, including the acquisition of Affiliated Computer Services and a bid for HP, along with the sale of its outsourcing and 3D printing segments, have not resulted in the expected profits.