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Intuit, the financial software company behind QuickBooks and TurboTax, announced it will lay off approximately 10% of its workforce as it plans to integrate artificial intelligence (AI) more deeply into the company’s operations.
Intuit’s announcement, published by the Security and Exchange Commission, reveals the company will undergo restructuring focused on reallocating resources to “key growth areas,” and the plan will affect “approximately 1,800 employees” who will exit the company.
The decision was also disclosed by Intuit CEO Sasan Goodarzi in a public blog post, where the CEO describes the company’s new effort to reinvest resources into necessary skills and resources to improve across the company.
“These are extremely painful decisions for me and my team because we deeply understand the impact these decisions have on our friends and colleagues who will be leaving. We are very grateful for the great work they have done and the amazing contributions they have made while at Intuit,” said Goodarzi.
Intuit is also reducing its executive count by about 10% at the director level and above, while expanding certain executive roles and responsibilities to speed up decision-making processes.
Goodarzi says the company plans to reinvest in areas deemed essential for future success, intending to also hire around 1,800 new employees by fiscal 2025. These new roles will primarily focus on engineering, product development, and customer-facing positions such as sales, customer success, and marketing.
Along with the company’s new focus on improving its AI tools and tech capabilities, it announced the consolidation of 80 tech positions into strategic locations to strengthen its existing teams. This includes sites in Atlanta, Bangalore, New York, Tel Aviv, and Toronto.
The dramatic reorganization coincides with persistent downsizing announcements across the tech industry, where large companies are increasingly leveraging AI to build on productivity and new investments. Bloomberg reports that some of the largest names in tech — including Microsoft, Alphabet, Amazon, and Salesforce — have also eliminated positions in 2024.
By realigning their workforce and corporate resources towards AI integration and tech, Intuit is planning to position itself for the widespread acceptance of AI across the workforce in the coming years.
