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Intuit has announced it will be parting ways with approximately 1,800 global employees—about 10% of its workforce. However, the company, which specializes in financial software, insisted that the move is not aimed at cost-cutting.
CEO Sasan Goodarzi, in an internal email obtained by Fortune, announced these "very difficult decisions" as part of Intuit's strategic transformation. This includes investing more heavily in AI and generative AI, such as their GenAI-powered financial assistant, Intuit Assist, and reimagining their products to be AI-native.
Other strategic focuses include enhancing money movement capabilities, expanding services for small businesses, and pursuing international growth.
"We do not do layoffs to cut costs, and that remains true in this case," said Goodarzi.
The company has plans to hire around 1,800 new employees with specific skill sets in engineering, product development, and customer-facing roles like sales and marketing.
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Among the departing employees, 1,050 are leaving due to performance issues identified through a formal management process. Goodarzi stated, "We believe they will be more successful outside of Intuit."
Additionally, the company is reducing its executive team including directors, SVPs and EVPs, by about 10%, while expanding certain executive roles and responsibilities.
Intuit is consolidating 80 tech roles to key technology hubs in Atlanta, Bangalore, New York, Tel Aviv, and Toronto. It will close sites in Edmonton and Boise, affecting over 250 employees, some of whom will relocate or leave the company. Moreover, the company is eliminating over 300 roles to streamline operations and reallocate resources towards key growth areas.
Departing U.S. employees will receive a severance package including a minimum of 16 weeks' pay, plus two additional weeks for each year of service. They will also have 60 days before their last working day on September 9. Employees outside the U.S. will receive similar support, adjusted for local requirements.
"This timing allows everyone leaving to reach their July vesting date for restricted stock units and the July 31 eligibility date for annual IPI bonuses," said Goodarzi, who added: "Intuit is in a position of strength.”
