Booking expects $450M in savings through “transformation”

Booking Holdings expects to make annual savings of up to $450 million as a result of organizational changes it announced in early November.

About a third of the savings would come from job cuts, which the company said previously would be at Booking.com, with the rest coming from modernizing processes and systems and reducing real estate, the company said in a regulatory filing on Tuesday.

“Our intention is to grow our top line faster than our fixed effects line over the next couple of years, and we have been upside down from that perspective in the more recent past, said Ewout Steenbergen, chief financial officer of Booking Holdings.

Steenbergen, who was speaking at the Nasdaq Investor Conference in London, also said that the company is looking for “transformation” because as it has added new initiatives, “the organizational…