MOUNTAIN VIEW — Intuit has revealed plans to slash hundreds of jobs in the Bay Area in an ominous reminder that the waves of tech industry layoffs in the region have yet to subside.
The financial services tech company has decided to chop 384 workers at its Mountain View headquarters complex on Coast Avenue, according to an official filing it sent to the state Employment Development Department.
With the Intuit job cuts, the number of tech layoffs revealed for the industry’s workers in the Bay Area has passed a grim milestone, this news organization’s review and compilation of hundreds of WARN notices on file with the state EDD shows.
In 2022, 2023 and so far in 2024, tech companies have disclosed decisions to slash slightly more than 45,300 Bay Area jobs, according to the assessment of the WARN notices. The current bout of tech industry staffing reductions got underway in early 2022.
Mountain View-based Intuit stated that its staffing reductions would begin around Sept. 9 of this year and continue into 2025, the WARN letter showed.
“The affected employees will receive 60 days advance written notice of their termination dates,” Lara Strauss, Intuit’s vice president of people experience, wrote in the WARN notice filed with the state EDD. “The terminations will be permanent.”
Worldwide, Intuit is eliminating 1,800 jobs, or roughly 10% of its global workforce, the company stated.
“We must accelerate our innovation and investments in the areas that are most important to our future success,” Sasan Goodarzi, Intuit’s chief executive officer, stated in a blog post.
Artificial intelligence applications that Intuit can deliver to its customers are among the primary new areas of focus, which the company stated was a primary motivation for the job cuts.
“This is part of the company’s strategy to accelerate innovation in our most critical growth areas, including GenAI driven ‘done for you’ experiences across all of our products, embedding AI in all our customer experiences, enabling our customers to manage their money end-to-end, and accelerate our mid-market offerings and international growth,” Kali Fry, an Intuit spokesperson, stated in comments emailed to this news organization.
Intuit also decided to eliminate 215 jobs in San Diego, bringing the California-wide total to 559 lost positions.
“We do not do layoffs to cut costs, and that remains true in this case,” Goodarzi stated in this week’s blog post. “The changes we are making today enable us to allocate additional investments to our most critical areas to support our customers and drive growth.”