Thread regarding Xerox Corp. layoffs

who cares anymore? when are they going to get this stupid junk company car the hell out of my driveway?

If they are banking on Own-It projects to save us we're in trouble. Of the 20 or so I've seen or been involved in only about 10% are delivering their original estimated benefits. Part of the reason is COVID disrupting things, but those were still benefits that the company needed so regardless of "why" the necessary benefits won't appear.

Translation - even more cuts or moves to HCL.

"We have a strong balance sheet and sufficient liquidity, including access to our
undrawn $1.8 billion revolver as well as to receivables securitization and
capital markets. Due to our Project Own It transformation, we have a more
flexible cost structure, and have also focused our efforts on incremental
actions to prioritize and preserve cash as we manage through this crisis. These
actions include the reduction of discretionary spend such as near term targeted
marketing programs and the use of contract employees as well as compensation
incentives consistent with lower sales and operating results."

"During second quarter 2020,
we recognized savings of approximately $60 million from these temporary measures
in the U.S., Canada and Europe, including $53 million from various government
assistance programs and $7 million from furlough programs. Through the use of
these programs, we have thus far been able to provide an offset to our costs,
without further use of cash, while maintaining our employee base and minimizing
the financial impact to our employees."

Can someone tell me why in the fudge Xerox got 53 million in assistance?! Where did that money go exactly?

Comments below have been echoed by Xerox Management as to poor earnings.
Typical Xerox double speak...

@dkw+16cznvtF Are you dense?? It was the fault of companies forcing workers home??? Are you living under a rock - we are in the midst of a pandemic. The government shut it down to prevent spread of infection.
And then you claim it’s the workers fault who are not productive enough to replace all the furloughs?? I guess working 3-4 jobs instead of 2-3 is so easy. God the ignorance this company can breed is mind boggling.

It’s the fault of all those businesses that allowed their employees to work from home.
Meanwhile our employees did not work hard
enough replacing those who were furloughed or laid off. Corrective action will require restructuring charges for further
employee reductions. Return to positive cash flow ,retention bonuses and ROI initiatives
remain unclear at this time ...Meanwhile wear your mask with the big X logo as we need all the free advertising we can get .

This is interesting- They don't have a clue.