Intuit to layoff 1,800 employees; hire with focus on AI

The financial software company sells a GenAI financial assistant called Intuit Assist, and will move further to build AI-native experiences for clients instead of the traditional working system

Published - July 11, 2024 02:05 pm IST

FILE PHOTO: Intuit plans to lay off approximately 1,800 employees or 10% of its workforce from across the world. 

FILE PHOTO: Intuit plans to lay off approximately 1,800 employees or 10% of its workforce from across the world.  | Photo Credit: AP

Financial software company Intuit plans to lay off approximately 1,800 employees or 10% of its workforce from across the world. In an email shared internally, CEO Sasan Goodarzi shared that the leadership team had made some “very difficult decisions,” Fortune reported. The move isn’t to cut costs but to shift the company strategy in the direction of AI and generative AI. 

The company which offers products like QuickBooks, Credit Karma, and TurboTax, plans to fill the 1,800 positions with new workers primarily in engineering, product, sales and marketing roles. “We do not do layoffs to cut costs, and that remains true in this case,” Goodarzi writes. 

Intuit also will be focusing on areas like money flows, mid-market expansion of small businesses and international growth. They already have a GenAI financial assistant called Intuit Assist and will move further to build AI-native experiences for clients instead of the traditional working system. 

Of the total employees being laid off, 1,050 are said to not meet expectations of a formal performance. Intuit is also cutting down the number of exec roles of directors, SVPs, and EVPs by approximately 10%. 

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In an earlier interview with Business Insider, Goodarzi said, “Looking back over the past six or seven months, it’s been far easier to find that type of talent — data and AI have been core to our strategy. When we talk to engineers that understand AI, they see our investments, it’s actually easier.”

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