Consumer Compliance Senior Analyst

AI not to blame? Intuit cuts 3,000 jobs as CEO defends massive layoff decision. Intuit cuts 3,000 workers in a massive job cut decision defended by the CEO. As a shock to the tech industry, Intuit has joined the ranks of companies making huge announcements about hiring cuts as one of the biggest corporate moves of the year. Financial software company TurboTax, QuickBooks and Credit Karma will cut nearly 17 per cent of its workforce, or about 3,000 jobs, across the world, the company said. Particularly interesting is the refusal of the CEO, Sasan Goodarzi, to concede that AI was involved in the layoffs. What happened? In an internal memo, Goodarzi wrote to Intuit workers on Wednesday, May 21, 2026, that the company will proceed with a comprehensive Intuit workforce reduction. When the news broke, Intuit had about 18,200 employees in seven countries, including India. Employees affected in the United States will be paid through July 31, when they will be issued a severance package of 16 weeks' base pay plus two weeks for every year served. The Intuit CEO cut-thing announcement also consisted of the closing down of Woodland Hills and Reno workplaces, with teams centred at certain regional hubs. Moreover, the firm plans to bring two of its biggest products together, streamline the processes and cut what Goodarzi said are "coordination-heavy roles. The AI debate: did automation drive the cuts? In the case of Intuit, the CEO has been resolute. "None of it was about AI," Goodarzi said in an interview with CNBC. He described the company's restructuring in terms of a strategic realignment, describing the situation as attempting to make the business leaner, rationalise the management structure and focus on priorities of the business. The internal memo didn't call for the use of machines, but for streamlining operations and improving execution, Reuters reports. But the timing is questionable. Intuit has been hard at work developing AI capabilities, with previous multi-year contracts with OpenAI and Anthropic. The agreements were meant to bring AI models to Intuit's products and to incorporate Intuit's expertise in tax, financial and accounting services into AI tools such as ChatGPT and Claude. Goodarzi admitted the restructuring would enable the firm to focus on "big bets" - such as expanding the use of AI in its services. Tech layoffs 2026: A sector-wide trend. The Intuit layoffs of 2026 aren't isolated incidents. The data from Layoffs.fyi shows that as of May 31, 2026, over 140 technology firms had already laid off over 111,000 employees compared to about 124,600 tech layoffs for all of 2025. The latest to make headlines for mass layoffs is Meta, the company that laid off 8,000 workers in the same week, citing operational restructuring as the reason. Amazon, Cisco, Microsoft, and most recently, Twitter parent Meta, have all given similar reasons - either AI investment or operational restructuring - for their large-scale cutbacks. The difference between this latest wave of AI automation-related job termination and past ones is the messaging. Numerous companies have alluded to AI as a justification for cutting down on staff numbers. Unlike other companies, Intuit maintained that AI played no role in its fintech layoffs, acting as an outlier, so to speak, or a company that is going with a more measured public relations spin. What comes next? First and foremost, the need for the several thousand people affected by Intuit's 3,000 layoffs is transition. However, the more significant issue in question for all close watchers of the industry remains to be seen whether companies like Intuit will be able to achieve their desired increase in operational efficiency through increased collaboration with AI but reduced number of employees. The level of layoffs 2026 at Intuit shows that it is time for change in fintech businesses in light of technological revolution. Irrespective of any involvement of AI in this matter, the scope of Intuit layoffs 2026 signals a major shift in financial technology business operations in the era of advanced technology. Despite the claims of Intuit's CEO being truthful, it is not enough to stop speculations about the reasons for recent tech layoffs.

Deel appoints Joe Kauffman President and CFO. Deel has announced the appointment of Joe Kauffman as President & Chief Financial Officer. Philippe Bouaziz, who has served as CFO and one of the founders, will step into the new role of Executive Chairman and Chief Strategy Officer. He will continue to guide Deel's strategic growth and long-term vision. Kauffman has big shoes to follow. Bouaziz has guided Deel through its growth from an early-stage startup to several funding rounds. Making it the trusted global platform it is today. Deel now serves over 37,000 businesses in 150+ countries. Bouaziz has helped raise over $1 billion in funding from leading investors including General Catalyst and a sovereign investor that purchased $300 million in Deel secondaries in February this year. Bouaziz, commented, "Watching Deel grow into what it is today has been one of the most rewarding experiences of my career. Joe brings incredible experience and energy that will help shape Deel's next milestones. "Having someone of Joe's calibre join Deel says everything about where we are today and where we're going. Joe brings a rare combination of deep leadership acumen, operational expertise, and a genuine passion for people - qualities that align perfectly with our culture and mission. "His decision to join Deel is a strong validation of the company we've built and the leadership position we hold in the market. Joe's depth of experience will help us continue to operate from a place of strength - advancing our mission with discipline, impact, and global reach." Who is Joe Kauffman. Kauffman joins from Credit Karma, the financial technology company, where he was CFO for 6 years before becoming the first President and then CEO. He helped drive international expansion after Intuit acquired the company in 2020. Kauffman led an organisation of 2,000 people within a high-velocity culture. He helped accelerate topline growth to 32% and expand operating margin to 37%. Thus, growing the company from $100 million to $2.3 billion. Prior to Credit Karma, he held senior leadership positions at two NYSE-listed firms. He was the first Head of Corporate Development at New Oriental Education and Technology Group and the CFO at TAL Education Group for 4.5 years. Kauffman has also served as an independent director at TAL Education Group and Ribbit LEAP. He is fully prepared to help expand Deel, prepare it for an IPO, and lead it through it. His experience will be pivotal as Deel continues to scale globally and strengthen its financial foundation. Kauffman commented, "What Alex and Shuo have built is truly exceptional. It's not just great payroll and HR technology - it's a movement transforming how people work and get paid around the world. I was drawn to Deel because of its unique culture - a market leader obsessed with innovation and customer success. Growing at an exceptional pace and yet still operating with the speed and flexibility of a startup. "You can feel the ambition and forward momentum in every conversation here. It's an exciting time to join, and I'm looking forward to helping fuel the company's next chapter of growth." Enterprise times: what does this mean? Deal is building a leadership team for its next phase of growth, and perhaps an IPO in 2026. There is no confirmed data as yet, though. It has recently also appointed Harish Sharma as Chief Risk Officer, Anthony Luis Rodriguez as Chief Compliance Officer, and DeAnn Work as General Counsel. The leadership team has now been further strengthened with the addition of Kauffman. Is he also a potential successor to Alex Bouaziz? Notably, Philippe Bouaziz is staying at the firm in an executive position. This announcement is a clear indication that Deel needs a larger leadership team to help manage future growth.