By Dean Seal

SAP will undertake a multi-billion euro restructuring this year that will affect 8,000 jobs as it ratchets up its focus on business-related artificial intelligence.

The German business-software company said on Tuesday that the majority of the 8,000 positions affected by the restructuring are expected to be covered by voluntary leave programs and internal re-skilling measures.

SAP is expecting to exit 2024 with a headcount that is similar to current levels as it invests in strategic growth areas. The company had a workforce of 107,602 at the end of 2023.

Most of the costs related to the restructuring, currently projected to be about EUR2 billion (U.S. $2.17 billion), will be recognized in the first half of the year. Outside of the restructuring expenses, the overhaul is expected to convey a minor cost benefit in 2024.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

January 23, 2024 18:17 ET (23:17 GMT)

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