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The restructuring will affect more than 7% of the total 108,000 full-time employees German software company.
In a statement 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 announced investments of more than $1 billion to support AI startups through its company Sapphire Ventures.
SAP Chief Executive Christian Klein said the program will allow the company to “continue to drive innovation while improving the efficiency of business processes.”
The restructuring program will be implemented mainly through voluntary leave programs and internal retraining.
Tech companies, including giants like Google and Microsoft, continued their wave of layoffs this year as they try to focus on artificial intelligence and automation software to lighten the workload.
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Against the background of the announcement of the restructuring, SAP shares jumped to an all-time high and grew by 7% overall.
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