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A PARED-DOWN INTUITON JUNE 10, INTUIT, THE U.S. market leader in personal-finance software, said that it would restructure its technical support and European operations, which would result in the layoff of 270 employees, or about 9% of its total workforce. The restructuring is the latest effort by Intuit to reduce its costs. In late May, the company announced that it would sell its Parsons Technology direct-marketing subsidiary to Broderbund Software. This move is intended to cut costs in the face of sluggish sales and help Intuit invest in new growth areas. On June 11, Intuit invested $40 million in search-engine company Excite.
EDITED BY KELLEY HOLLAND
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Updated June 23, 1997 by bwwebmaster
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