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Jack Dorsey’s fintech giant, Block, is slashing nearly 1,000 jobs in its second major restructuring in just over a year. In an email titled “Smaller Block”, Dorsey told employees the layoffs aim to streamline operations, not meet financial targets or replace staff with AI.
The cuts include 930 job losses, 200 managers reassigned to non-leadership roles, and nearly 800 open positions eliminated. Block… parent company of Square, Afterpay, CashApp, and Tidal… has struggled with slowing revenue and a 29% stock drop this year.
Dorsey, who previously set a 12,000-employee cap, says the shake-up is about “moving faster and staying ahead.” As the fintech industry evolves, Block’s next moves will be crucial.
