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The restructuring will affect more than 7% of the German software company’s total of 108,000 full-time employees.
In a statement released on Tuesday, SAP said it plans to restructure 8,000 jobs to meet future business needs and focus on AI development. The cost of the restructuring program is $2.2 billion.
The company expects generative artificial intelligence to “fundamentally” change its business and has announced an investment of more than $1 billion to support AI startups through its company Sapphire Ventures.
SAP CEO Christian Klein said the program will allow the company to “continue to innovate while improving the efficiency of business processes.”
The restructuring program will be implemented primarily through voluntary leave programs and internal retraining.
Tech companies, including giants like Google and Microsoft, have continued their layoff streak this year as they try to focus on artificial intelligence and automation software to ease workloads.
Amid the restructuring announcement, SAP shares jumped to an all-time high and rose 7% overall.
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