Alphabet Chief Financial Officer Ruth Porat announced in a memo on Wednesday that Google is undergoing a restructuring of its finance organization. This restructuring will involve layoffs and relocations in order to allocate more resources to investments in artificial intelligence.
Porat explained in the memo that the tech sector is going through a major platform shift, giving Google the opportunity to create more helpful products and faster solutions for users. This shift also requires tough decisions, including changes to how and where employees work to align with the company’s key focus areas.
The restructuring will impact finance teams both domestically and internationally, including in the Asia-Pacific region and Europe, the Middle East, and Africa. Google plans to establish “hubs” in locations like Bangalore, Mexico City, Dublin, Chicago, and Atlanta to centralize operations while maintaining a presence in the San Francisco Bay Area.
Despite the difficult changes, Porat expressed confidence in the company’s ability to adapt and succeed. Google has been making strategic adjustments to better position itself for future opportunities, including focusing on its key product priorities and streamlining operations.
In a statement to CNBC, a Google spokesperson reiterated the company’s commitment to investing in its priorities and preparing for the future. Throughout the second half of 2023 and into 2024, various teams within Google have made changes to improve efficiency, remove unnecessary layers, and align resources with key product goals.
Alphabet’s Chief Financial Officer Ruth Porat announced in a memo that Google is restructuring its finance organization to prioritize investments in artificial intelligence. This restructuring will involve layoffs and relocations, as the company aims to reallocate resources to focus on developing more helpful products for users. The move comes as Google navigates a platform shift in the tech sector and as advertising growth slows. The restructuring will impact finance teams globally, with “hubs” being established in cities like Bangalore, Mexico City, Dublin, Chicago, and Atlanta. The company plans to maintain a significant presence in the San Francisco Bay Area. The changes aim to create a more efficient organization that can run 24 hours a day while respecting employees’ work times. Despite the difficult decisions, Google is focusing on responsibly investing in its biggest priorities and opportunities, according to a company spokesperson.
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