Fintech Block Laid off 931 People Tuesday, According to a Leaked Message from the company Seen by Techcrunch.
The news was announcing to staff in an email from block’s co-founder and ceo, jack Dorsey. Dorsey Told Staff that Tuesday, Block Will Be “Making Some Org Changes, Including Eliminating Roles and BEGINING The Consultation Process in Countrys where the CONTRES WHERERED.”
These are the latest changes to hit block, Dorsey’s Financial Services Giant That Owns Cash App and Square. The company provides mobile payments services for consumers, as well as point-of-money hardware and software for businesses.
In the email, Dorsey explained that block is cutting roles across three broad buckets. The first he lists are 391 people being cut for “strategy” reasons.
The second and biggest bucket, 460 people, is for “performance” reasons, with Dorsey explaining that block is “parting ways with folks with folks” who score a “beLow”
The third bucket is managers, 80 of whing cut in order to flatten block’s hierchy. Dorsey also said that 193 manners are being moved to individual contributor roles.
Dorsey’s email denies that the layoffs are for financial reasons or to replace works with ai. Specifically, Dorsey Wrote that “None of the Above [cuts] Are trying to Hit a specific financial target, replacing folks with ai, or changing our headcount cap. “
Rather, He said that block is cutting the roles ovening to shifting strategic needs while “Raising the bar and acting faster on performance.”
Dorsey also noted that block is closing “all” 748 open roles at block with the exception of that that has been programmed to an offer stage, Critical Operations Roles, Key Leadership Roles, and Ophs.
Block Last Underwent Major Layoffs in January 2024 When it cut Around 1,000 roles. Before Tuesday’s LayoffsThe outfit Had Around 12,000 Staff Members, According to a source family with the matter.
Block didn’t immediatily respond to a request for comment.
This is a developing story, check back for updates.