Xerox will axe thousands of jobs in its 'reinvention' plan

• Xerox plans to cut 15% of its workforce early this year.
• Its new strategy will focus on business services over hardware sales. 
• The layoffs show how the digital age is catching up with photocopier manufacturer.

Xerox was once a synonym for copying. But those halcyon days are long gone for the office equipment company founded in 1906.

Now the company plans to cut 15% of its workforce in the first three months of this year as part of its "reinvention" plans.

Xerox has about 23,000 staff, according to its annual report, meaning thousands will be let go.