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Intuit will shut down Eagle office in AI pivot, cut local jobs
Software giant Intuit announced it would cut nearly 2,000 employees and close down its campus in Eagle near Boise, as well as a location in Edmonton, Canada.
The Wall Street Journal reports that the cuts – a total of 1,800 people – represent about 10 percent of the company workforce. After it cuts the people and closes the locations, it would then pivot toward artificial intelligence and launch a new hiring spree – hiring a new set of 1,800 workers.
Intuit’s stock dropped 3.6% on the news.
The company said the changes were “in service to growing technology teams and capabilities in strategic locations,” indicating the Eagle location is not a strategic location.
Intuit bought the former TSheets business in 2018, and pivoted the Eagle site to service a number of its software products, including the broader QuickBooks library of programs and others. Intuit announced it would open a second office building to accommodate 900 workers before the COVID-19 pandemic. The second office building was built, and Intuit instead moved all employees to the new building, vacating the former TSheets building.
CNBC reported about 80 roles would be relocated to other sites, including Atlanta, Bengaluru, India and Tel Aviv, Isreal. The new hiring would start in fiscal year 2025, the WSJ reported. Intuit will pay between $250 million and $260 million in severance and other costs.
Intuit last cut an unknown number of jobs at the Eagle campus in 2020. It is not clear how many positions in the Boise are are impacted by the closure. Questions to Intuit about the number of people impacted, the timeline for the closure, and why it picked Eagle to close were not immediately answered. We’ll update with additional detail as it becomes available.
The Idaho Department of Labor does not have a WARN notice posted for Intuit listing the exact number of jobs cut as of Wednesday morning.
Intuit is the company behind CreditKarma, Mailchimp and TurboTax, as well as QuickBooks.
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