Xerox announced on Wednesday that it's cutting 15% of its workforce as it overhauls its organizational structure and operating model. 

The proposed cuts were the result of a new operating model and organizational structure that the technology and software company plans to implement.

Xerox has about 20,500 employees globally as of Dec. 31, 2022, according to a filing with the Securities and Exchange Commission, meaning that the cuts are expected to affect more than 3,000 people. 

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Shares of Xerox slid during midday trading on the news of the cuts.

With its new operating model, the company is focusing, in part, on simplifying its core products to align with the needs of buyers in today’s hybrid workplace. 

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It is also looking to increase productivity and efficiency through a new global business services organization and focus more on its digital and IT services, Xerox said. 

"The shift to a business unit operating model is a continuation of our client-focused, balanced execution priorities and is designed to accelerate product and services, go-to-market, and corporate functions’ operating efficiencies across all geographies we serve," Xerox CEO Steven Bandrowczak said.

The company said it also "redesigned and realigned its executive team to support the new operating model," which included three newly appointed executives. This comes after three executives departed the company last month.

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The Connecticut-based company pledged to provide transition support for affected employees. 

It also said the proposed cuts will also be "subject to formal consultation with local works councils and employee representative bodies where applicable."