Block is also closing 748 open positions, except for those in critical operations or at the offer stage. The company, which owns Cash App and Square, last conducted major layoffs in January 2024. As of December 2024, Block had approximately 11,300 employees globally. Dorsey expressed the difficulty of the decision and the need for swift action to keep pace with industry changes, aiming to enhance the company's focus and execution.
Key takeaways:
- Fintech Block laid off 931 employees, approximately 8% of its workforce, as part of organizational changes announced by CEO Jack Dorsey.
- The layoffs were categorized into three areas: strategy (391 people), performance (460 people), and hierarchy (80 managers), with an additional 193 managers moved to individual contributor roles.
- Dorsey emphasized that the layoffs were not for financial reasons or to replace workers with AI, but to align with strategic needs and improve performance.
- Block is also closing 748 open roles, except for those in critical operations, key leadership, and roles that have progressed to the offer stage.