STAMFORD, Conn. - Xerox Corp. said Tuesday that it will cut more jobs and close its equipment finance business after reporting a third-quarter operating loss of $128 million, or 20 cents a share, its first loss in 16 years.

The company had profits of $339 million, or 47 cents a share, in the third quarter last year. Xerox, the largest maker of copier equipment, said it will sell assets of $2 billion to $4 billion and cut $1 billion of costs next year as it works to reduce its $18 billion of debt. Merrill Lynch & Co. is advising on the sale of assets.

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