July 10 (Reuters) - TurboTax-parent Intuit said

on Wednesday it will let go of about 1,800 employees, or 10% of

its workforce, as it looks to reinvest capital in other critical

areas.

The company, which has invested heavily in providing

generative AI powered accounting and tax preparation tools for

small and medium businesses in the past few years, expects to

close two of its sites in Edmonton, Canada and Boise, Idaho.

Intuit will rehire 1,800 new people primarily in

engineering, product and customer-facing roles, CEO Sasan

Goodarzi said in a note to employees.

The note added that 300 roles were being eliminated to

streamline work.

The layoffs will cost Intuit between $250 million and $260

million, with substantial amounts of the charge expected to be

incurred in the fourth quarter, the company said in a regulatory

filing.