wsj_0176.xml

WSJ 891102 891102 -0014 WSJ 891102 -0014 = 891102

= 891102

891102-0014 . 891102-0014 . Xerox Will Lay Off 300 @ At Personal Insurance Unit Xerox Will Lay Off 300 @ At Personal Insurance Unit 11/02/89 11/02/89

11/02/89

WALL STREET JOURNAL ( J ) WALL STREET JOURNAL ( J ) XRX XRX Xerox Corp. has told employees in its Crum & Forster personal insurance operations that it is laying off about 300 people , or 25 % of the staff . A spokeswoman for Crum & Forster said employees were told early this week that numerous staff functions for the personal insurance lines were going to be centralized as a cost-cutting move . She said the move would result in a after-tax charge of less than $ 4 million to be spread over the next three quarters . By comparison , for the first nine months , Xerox earned $ 492 million , or $ 4.55 a share , on revenue of $ 12.97 billion . Earnings at Xerox 's financial-services operations actually rose slightly , but that was largely because capital gains at Crum & Forster offset Hurricane Hugo payments and the reserves set up to cover future payments . Property\/casualty insurance has been a tough business in recent quarters , as pricing has been cutthroat and natural disasters such as Hurricane Hugo and the California earthquake have resulted in huge payments .