Thread regarding Xerox Corp. layoffs

Sure, SEC reporting is always ‘accurate.’ The SEC uses a ‘best effort’ guideline.

This does not even pass the smell test. How many of us have seen departments cut over the last year? My own department was down 1/3 from the start of 2016 before Icahn’s coup and is down another 1/2 since then. Of course, many of those job cuts have been ‘filled’ in lower cost locations and would not show-up in total headcount report. A country-by-country report would provide more clarity. Also, through at least 2016, many of Xerox’s subsidiaries, especially GIS, were not included in Xerox’s overall headcount report. Lastly, even with the IT new platform that rolled-out in 2017, I heard from HR and Accounting that headcount and other metrics were questionable due to the quality of the legacy data that was transferred over and the guidelines locally as to how information is reported.

As for evil villains, evil no, greedy, yes. The watercooler heard that Icahn’s team did not react positively when as they learned that some of the company’s legally-binding Union agreements blocked some of their workforce objectives. I suspect it was not coincidence that Xerox brought in a new chief legal person who is from Icahn’s team around the same time - ttps://www.news.xerox.com/news/Xerox-names-Louie-Pastor-General-Counsel

All of these numbers come from the quarterly reports filed with the SEC. If you have information proving these figures are incorrect, that would be a federal crime and you should contact the SEC.

Here are the total worldwide employee headcounts at the end of each quarter (inclusive of IRIF, forced or elected retirements, etc):

2017:

-Q1: 37,200

-Q2: 36,900

-Q3: 36,100

-Q4: 35,300

2018:

-Q1: 34,700

-Q2: 34,300

-Q3: 33,200

-Q4: 32,400

2017 had a 5.1% reduction in headcount

2018 had a 6.6% reduction in headcount

This would be in line with the reduced annual revenue:

2017 Revenue Decline: 4.7%

2018 Revenue Decline: 6.1%

There are no evil villains in a tall tower in Norwalk making dastardly plans to fire as many people as they possibly can. The business dictates what is possible. If the business shrinks 5%, well then you probably are going to need to reduce your headcount by 5%.

All this talk about the evil wealthy guys trying to "stick it to the little guy" is just naive. There are much bigger problems that need to be addressed, and I'm hopeful that the current suits are able to successfully address those problems.

As of today, there are 32,400 people/families counting on them.

Ok, I'm ready to hear your pent up vitriol now. Release the hounds!

The headcount reductions above are BS....fake report. Thanks for trying though.

The 2018 layoff numbers don't factor in the people who quit because of the pension lump sum payout was decreasing for 2019.I would guess this was a large number of people.

I agree my friend. Today’s call was mix up. MR. V seems to have a “powerhouse game plan” next week, that includes restructuring channels

Let’s see what we has in store with his team.. his strategies seem to working out just fine! Ha ha

Stock buy backs inflate earnings per share because of less stock float. Some buybacks are also used to give to executives more income as a freebie. It means nothing about the health of a company. Declining revenue every quarter is a red flag.

How many people left Xerox on their own terms?

Finally, investors are listening! After last week’s reviews, And today’a. Investors will ensure their money in better investment options.

Another stock buy back - $1,000,000,000 this time. Action speak louder than words.

The stock popped a little, but it's nowhere near the $40/share Icahn and Deason want for a cash deal. They're likely to come down, maybe to $36 or possibly even $32. Both of those numbers are still too high of a premium. Icahn doesn't run companies. Expect them to announce further significant cuts.

There's hope and then there's drinking the Kool-Aid....

• Yes, the stock is up over the last month or so as a result of cost-cutting and the Street liking companies that generate a lot of cash in an uncertain market; but, it's still down about 30% from where it was when the Fuji deal was announced

• Beyond slapping a sticker over the company and calling it a 'technology powerhouse' there has been nothing about the company's strategic position(s) going forward nor any R but sinking the deal and then starting a very public fight with the company (Fuji Xerox) that provides close to 60% of Xerox's products and controls Xerox's entire Asia Pac footprint, which is a growth market unlike North America and Europe, was not smart. A renegotiated deal with Fuji woudl have likely been the only way for Xerox as it is known today to survive; but, the personalities involved (Deason's drive to destroy Xerox and the very personal Icahn v. Jacobson v. Komori battle) made sure that will never happen

• There has been a lot more than 2,700 layoffs since that began as I do not believe that number included GIS layoffs, non-US layoffs, and employees who were let go under 'creative' circumstances (i.e. an employee is terminated for 'performance issues' only for the position to be re-posted in a low-cost location a month later) and Xerox's complex legal structure provide many loopholes for leadership to avoid WARN notices.

Seriously... go to the stocks please. And read the news! While u are at that.. make sure to go through his background reputation on previous investings. I am also basing myself on facts! Not on manipulated reports.

Hi John V. Glad you could stop by and make a post. Best of luck turning this turd around.