Pitney Bowes to Eliminate 1,500 Jobs

STAMFORD, CT—Mail services specialist Pitney Bowes will reduce its workforce by about 4 percent, or roughly 1,500 jobs, as it continues its quest to provide digital, networked and downloadable products.

Pitney Bowes plans to write off inventory and lease residuals of older equipment that it will quit selling, and will take a charge of between $300 million and $400 million. The company also increased its share buyback plan to $500 million, and the repurchases are expected to be completed within six months.