I’m not sure they will prove capable of catching up with AI-related innovation. We are already late to the game. Taking on new people to replace those who were laid off and making a smooth transition takes time, and we don’t have it. Kudos for recognizing the need to adjust direction, but I’m very suspicious of the capacity of leadership to make it happen
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Why need ex-MAANG and IITans to write tax software ? It is just hilarious. That too 18200 of them. Realistically we need only 5000 employees in Intuit. Let the layoff cycle continue....
This co is dying. There is another round of layoffs coming in 2025
You brought this on yourselves by playing the shell game with Turbo Tax saying "Free, Free, Free with your bait -n- switch tactics and got caught by investigate journalism called Probublica with its series of articles. They exposed your dark patterns, and you paid a fine 141 million dollars in a settlement to the state's attorney generals. Now the IRS is offering direct file because of your behavior which will be free and permanent. Why pay to have your taxes done when you can use the IRS portal for free? So this means loss income and so they have to cut jobs now because the cash cow is dying. But hey, live the values of "Integrity without compromise" and "We speak the truth and assume best intent. We value trust above all else. We do the right thing, even when no one is looking." Do you really do the right thing when no is looking? Go back to Probublica back articles and read the FTC ruling on Intuit- you be the judge.
According to Forbes out of the 1800, 1050 were laid off due to performance issues.
I think that's a big BS
Also most of directors getting laid off - the svps and evps
Honestly why you need 18200 employees in this company ? Need some more haircut for sure. Why you need top tech talents to write expensive Tax software ?
The AI shift is thrown in there to keep the stock price from crashing on this news. The real reason is to shift jobs overseas and save money by doing that.