Xerox Plans 10,000 Layoffs, $1-Billion Charge

Xerox Corp. plans to take a second-quarter charge of as much as $1 billion to cut 10,000 jobs, or 11% of its work force, in a bid to reduce expenses, according to a published report. Xerox is expected to announce the cuts April 6, the Rochester (N.Y.) Democrat & Chronicle reported, citing sources familiar with the plans. Xerox wants to lower costs, particularly marketing and administrative expenses, in order to steal customers from Palo Alto-based Hewlett-Packard Co. in the growing market for low- and medium-priced printers and copiers, the paper said. Fewer than half the job cuts are expected to be in the U.S., and Xerox plans to offer early retirement to some employees it will fire, the paper said. Xerox spokesman Brent Laymon declined to comment. The Stamford, Conn.-based company’s shares rose 25 cents to close at $96.63 on the New York Stock Exchange.