05:43 PM EST, 12/10/2024 (MT Newswires) -- Booking Holdings ( BKNG ) said late Tuesday that it expects its previously announced organizational changes to reduce its annual run rate expenses by about $400 million to $450 million over the next three years from its expense base this year.

Most of these savings, likely to be realized after 2025, are expected to be driven by modernized processes and systems, optimized procurement, reduced real estate footprint, and job cuts, the company said in a filing with the US Securities and Exchange Commission.

The restructuring costs and accelerated investments related to organizational changes are estimated to be about one times the expected annual run rate saving, the company said.

Booking said it expects to incur these costs in the next two to three years, mostly due to expected workforce reductions, technology investments and professional fees.