H&R Block to cut 400 jobs to trim costs

"We operate in a challenging and competitive environment, and to be successful we must find new ways to provide better value to our clients," President and Chief Executive Officer Russ Smyth said in a statement.

The company said it closed 400 under-performing offices out of 11,000 retail tax service locations.

The recent cuts are expected to reduce operating costs by about $145 million per year through 2012.

"Changes like these are never easy … However, these steps are necessary to improve our business performance and better serve our clients," Smyth said.

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