Nation : Xerox Restructuring to Trim Jobs

Xerox Corp. today announced a restructuring plan that will eliminate 2,000 positions--including some in Los Angeles--and set up a new worldwide marketing and sales organization to increase profits and become more market-driven.

“We are making fundamental changes in the way we do business,” Xerox President Paul A. Allaire said. Under the restructuring, the company will combine the management of all Xerox sales operations worldwide and form a new marketing and customer operations organization. The company reported that because of the restructuring, its fourth-quarter 1988 net was a loss of $77 million, or a loss of 83 cents per share, compared to net income of $155 million, or $1.43 per share, a year earlier.