Update: Xerox Sets Restructuring as It Posts Larger-Than-Estimated Loss

Updated from 8:12 a.m. EDT

Struggling copier company Xerox (XRX Quote) announced an aggressive restructuring plan Tuesday that includes slashing $1 billion in costs -- mainly through job cuts -- and raising up to four times that amount through asset sales.

In the same announcement, the company reported a third-quarter loss of 20 cents, a penny more than the already lowered analyst consensus from First Call/Thomson Financial of a loss of 19 cents. ...