Hong Kong CNN —One of Europe’s most valuable companies is restructuring 8,000 jobs as it joins a growing list of firms shifting their focus to artificial intelligence.
SAP (SAP), the enterprise software giant, announced Tuesday that it would spend €2 billion ($2.2 billion) this year on the transformation, including buyouts and retraining programs.
“The majority of the approximately 8,000 affected positions is expected to be covered by voluntary leave programs and internal re-skilling measures,” SAP said.
Last summer, it announced investments in three generative AI companies, adding to a pledge to invest more than $1 billion to fund AI-powered enterprise tech startups.
Many US tech firms have also announced large investments in AI as they kick off sweeping reorganizations.
Persons:
Christian Klein, Alibaba
Organizations:
Hong Kong CNN, SAP, Wipro, Huawei, US
Locations:
Hong Kong, New York