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Tax products company Intuit laying off 10% of workforce, including over 200 employees in San Diego

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Posted at 10:51 AM, Jul 10, 2024

SAN DIEGO (KGTV) – Intuit -- the company known for its tax and financial products QuickBooks, TurboTax, Mailchimp, and Credit Karma -- announced Wednesday it was laying off 10 percent of its workforce, including over 200 employees at the company’s San Diego office.

In a message to employees, CEO Sasan Goodarzi said about 1,800 employees would be laid off as part of the Mountain View, Calif.-based company’s AI-focused reorganization plan.

Intuit officials told ABC 10News that 215 employees in San Diego would be let go.

Additionally, Goodarzi announced plans to close its offices in Boise, Idaho, and Edmonton, Alberta, Canada; more than 250 employees from those offices will either relocate to other Intuit locations or leave the company.

“We are also eliminating more than 300 roles across the company to streamline work and reallocate resources toward key growth areas,” said Goodarzi.

The CEO added that about 1,050 of the layoffs were workers “who are not meeting expectations and who we believe will be more successful outside of Intuit.”

"We do not do layoffs to cut costs, and that remains true in this case. The changes we are making today enable us to allocate additional investments to our most critical areas to support our customers and drive growth ...," Goodarzi said.

Despite the layoffs, Goodarzi said the company would hire 1,800 new employees in Fiscal Year 2025 to coincide with Intuit’s shift into AI-driven products and services.