A playbook is emerging for how big tech companies are restructuring to compete in the AI era: fewer mid-level managers and less focus on coordination roles.

Intuit is the latest company to announce a big layoff, saying Wednesday that it would trim 17% of its workforce, or about 3,100 employees. The company, which owns TurboTax and QuickBooks, said the cuts are largely focused on mid- to lower-level managers, in areas such as project management and business operations. Intuit didn’t provide an estimate of the projected savings, but said they would be used to invest in the company’s big bets and also bolster profit margins.

“We’ve just got to make sure that more folks are at the forefront of dealing with the customers—and particularly in this age, it's around managing agents as opposed to, you know, managing a set of people,” CFO Sandeep Aujla tells the WSJ Leadership Institute’s Kristin Broughton.

Meta on Wednesday also started laying off thousands of employees and reassigning thousands more to AI-focused roles. Meta’s chief people officer, Janelle Gale, told staff last month that the coming layoffs would affect 10% of the company, or roughly 8,000 employees, and that the company would also cancel plans to hire for 6,000 open roles.

In a follow-up memo on Monday, she said it would also move a separate 7,000 staffers into new AI-focused roles and transition a number of managers to individual contributor roles as part of the reorganization efforts.

Block CFO and COO Amrita Ahuja foreshadowed some of these cuts at the WSJ CFO Council Summit in Palo Alto in March, saying that deep job cuts across companies will be unavoidable amid greater adoption of AI. Block earlier this year announced a 40% workforce reduction.

“I think it’s an inevitability. As a CFO, I think it’s better to be a little bit early than to be too late here,” Ahuja said at the time.

Job displacement is a theme we’ve been tracking all year, especially as those disruptions hit the tech industry more acutely.

For a look at our WSJ layoff tracker through about mid-May, read on here.

• CEO Walks Back Comment About Replacing ‘Lower-Value Human Capital’ With AI

—Dean Seal and Kristin Broughton

📆 Earnings

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• Deere
• Ralph Lauren
• Ross Stores
• Walmart
• Workday
• Zoom Communications

📈 Economic Indicators

The Census Bureau reports residential construction data for April.

S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for May.

ChatGPT-maker OpenAI has been working with bankers to prepare to file for an initial public offering in the coming days or weeks, according to people familiar with the matter.

Bankers at firms including Goldman Sachs and Morgan Stanley have been helping the artificial-intelligence giant on a draft IPO prospectus it plans to file confidentially with regulators soon, possibly as early as Friday, some of the people said.

The goal is for OpenAI, led by Sam Altman, to be ready to go public as early as September, some of the people said. The plans remain fluid and could still change, they cautioned.

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• The Furious Chip Rally Was Petering Out. Now Wall Street Turns to Nvidia.
• SpaceX, Anthropic and OpenAI’s Sprint to Go Public Defines the AI Boom’s Big Day
• U.S. to Award Quantum Computing Firms $2 Billion and Take Equity Stakes
• What to Know About the Trump Administration Ending Tax Audits of Trump
• Two Jan. 6 Police Officers Sue to Stop Trump’s ‘Anti-Weaponization’ Fund
• Los Angeles Tried to Tax Mansions. Apartment Construction Tanked.
• Mind-Blowing Growth Is About to Propel Anthropic Into Its First Profitable Quarter
• Samsung Management, Union Reach Tentative Deal, Averting Strike
• The Clash Between a Giant Coal Plant and Houston’s Booming Suburbs
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📈 Earnings wrapup

• Nvidia Rides Blistering Chip Sales to Another Record Quarter
• Target Reports Strongest Sales Gain in Years but Sounds Note of Caution
• Urban Outfitters Sales Climb, Helped by Strength of Free People

For more earnings news, click here.

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Caleres, the St. Louis-based footwear seller, has named Daniel Karpel senior vice president and CFO, removing the interim tag he has carried since January. Karpel, who stepped in as interim finance chief after Jack Calandra left the company, will serve as its principal financial and accounting officer. Karpel, 55 years old, will receive an annual base salary of $550,000 as finance chief, along with an annual target bonus of 65% of his base pay. He previously worked at Caleres from 2008 to 2016, serving as chief accounting officer from 2013 to 2016, and rejoined the company as accounting chief in October 2025.

—Colin Kellaher contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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