Fun

Intuit lays off 10% of staff to focus on AI

News Feed - 2024-07-11 05:07:04

Tristan Greene3 hours agoIntuit lays off 10% of staff to focus on AIAbout 1,800 people were laid off, but the company plans on hiring about the same number of replacements.625 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksFinancial and fintech firm Intuit recently announced plans to lay off approximately 1,800 workers in order to further pursue the company’s artificial intelligence endeavors. 


This boils down to a restructuring of the company, with approximately 10% of its workforce slated for departure. CEO Sasan Goodarzi reportedly emailed 1,050 of those being laid off to say their performance did not meet expectations. Another 300 were told their positions had been eliminated. The era of AI


The layoffs evidently weren’t related to the company’s bottom line. Per Goodarzi, “We do not do layoffs to cut costs, and that remains true in this case.” The CEO attributed the layoffs to a changing technological landscape and a pivot to further the company’s AI endeavors. 


But, in what might be a twist on the theme, the workers will not be replaced by artificial intelligence. Instead, they’ll seemingly be replaced by human workers who specialize in AI.


Per an Intuit blog post:“We will hire approximately 1,800 new people primarily in engineering, product, and customer facing roles such as sales, customer success, and marketing.”


This reorganization looks to cost the company somewhere between $250 million and $260 million, according to regulatory filings. The company’s stock dipped by around 3.6% on the news.


On social media, the response could also be described as mildly negative.


Technologist Dare Obasanjo said the announcement “epitomizes the simultaneous feast and famine that is today’s tech industry.” Obasanjo also opined that the company had “branded” the laid off workers by publicly stating that the majority being laid off had failed to meet expectations.Source:Dare Obasanjo


Under a section in the blog post announcing the layoffs titled “Taking care of our people,” Goodarzi writes: “We’ve significantly raised the bar on our expectations of employee performance, resulting in approximately 1,050 employees leaving the company who are not meeting expectations and who we believe will be more successful outside of Intuit.”


The company also said it’s giving those laid off severance packages, 60 days’ notice, and access to career transition services and six months of continuing healthcare benefits. 


Related:Intuit introduces proprietary large language models for fintech with GenOS# Business# Technology# AIAdd reaction

News Feed

Tom Mitchelhill6 hours agoCrypto exchange Kraken ‘disappointed’ over regulator proceedings in AustraliaThe regulator alleged that Bit Trade, the provider for Kraken in Australia, did not make a target market determin
Report: Ethiopia-Based Crypto Service Providers Told to Register With the Country’s Cybersecurity Agency
Report: Ethiopia-Based Crypto Service Providers Told to Register With the Country"s Cybersecurity Agency Cryptocurrency service providers operating in Ethiopia are now required to
Defi Token Exposed as Pump and Dump Scam in Leaked Telegram Chat 
Defi Token Exposed as Pump and Dump Scam in Leaked Telegram Chat A leaked Telegram discussion by 50 so-called crypto influencers has exposed the extraordinary steps they take in or
‘Why Isn’t Anyone Talking About This?’ — Twitter’s Crypto Spam Problem Increases With Legions of CZ Bots, Verified Vitalik Impersonators
‘Why Isn"t Anyone Talking About This?’ — Twitter’s Crypto Spam Problem Increases With Legions of CZ Bots, Verified Vitalik Impersonators Since Tesla’s Elon Musk atte
1.2 Million Italians Can Now Buy Bitcoin From Their Bank
1.2 Million Italians Can Now Buy Bitcoin From Their Bank Buying bitcoin just got easier for Italians. The country’s mobile bank Hype has announced a partnership with fintec
Bitcoin Core’s Version 24.0 Full-RBF Proposal Sparks Controversy, Synonym CEO Calls ‘Pet Agenda’ an ‘Attack’
Bitcoin Core’s Version 24.0 Full-RBF Proposal Sparks Controversy, Synonym CEO Calls ‘Pet Agenda’ an ‘Attack’ During the last few weeks, a number of individuals have been
Blast launches Ethereum L2 mainnet unlocking $2.3B in staked crypto
Jesse Coghlan8 hours agoBlast launches Ethereum L2 mainnet unlocking $2.3B in staked cryptoThe around 180,000 Blast users have initially withdrawn $400 million from the network after its mainnet launch unlocked billions
Bitcoin, Ethereum Technical Analysis: BTC Edges Closer to $17,000 as Market Focus Turns to FOMC Minutes
Bitcoin, Ethereum Technical Analysis: BTC Edges Closer to $17,000 as Market Focus Turns to FOMC Minutes Bitcoin moved closer to the $17,000 level on Tuesday, as market volume begin
Tether’s Market Cap Nears $80B, USDT Represents 46% of the Stablecoin Economy
Tether"s Market Cap Nears $80B, USDT Represents 46% of the Stablecoin Economy This week the stablecoin giant tether reached a market capitalization of roughly $78.2 billion accordi
Nansen launches industry-first Ether ETF analytics dashboard
Zoltan Vardai12 hours agoNansen launches industry-first Ether ETF analytics dashboardThe new Ether ETFs could also increase institutional investor participation, according to a Nansen analyst.6301 Total views1 Total shar
Bitcoin’s ‘Fundamental Value Is Not in Line With Market Price’ — Crypto Miner
Bitcoin"s "Fundamental Value Is Not in Line With Market Price" — Crypto Miner Profitable bitcoin mining is essentially a result of an efficient and highly skilled team of profess
Report: Andreessen Horowitz Seeks an Investment in Bored Ape Yacht Club
Report: Andreessen Horowitz Seeks an Investment in Bored Ape Yacht Club Two reports claim that the creators of the popular non-fungible token (NFT) project Bored Ape Yacht Club (BA