The American cloud-based financial management software vendor Workday announced on February 5 that the company is cutting nearly 2,000 jobs—or 8.5% of its workforce—with CEO Carl Eschenbach citing in a memo that the layoffs are necessary for ongoing growth efforts at the company, including a particular focus on artificial intelligence investments.
As reported by the Associated Press, Workday estimates that it will incur between $230 million and $270 million in charges related to its new restructuring plan, with the majority of the money going towards severance payments, employee benefits and other related costs.
