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Financial services firm Block Inc. has laid off over a thousand employees this week, nearly 10% of its staff, as part of a broader restructuring first outlined by co-founder Jack Dorsey last year.
A from Business Insider indicates that the cuts have already been in place since at least December 7, 2023, with Dorsey hinting at the prospects of making Block “leaner” in terms of organization.
Dorsey had warned employees to expect staffing reductions, indicating Block would cap its headcount to around 12,000 by the end of 2024 after ballooning to 13,000.
The cuts impact workers across several divisions in which Block operates. Cash App, Foundational, and Square, as well as other core operations, are facing layoffs as the company aims to align staffing with the current state of its business.
In an internal memo on Tuesday, Dorsey said the layoffs focused on teams at Cash App, Block’s Foundational segment, and Square. He characterized the moves as an effort to make the company more efficient and do away with redundancies.
“We decided it would be better to do at once rather than arbitrarily space them out, which didn’t seem fair to the individuals or to the company,” Dorsey shares.
The cuts build on a year of significant downsizing across the tech sector. Firms like Meta, Amazon, and Alphabet have trimmed headcounts after overhiring during the pandemic, while many startups have also laid off workers amid tighter funding conditions. The crypto industry specifically has seen its own wave of layoffs as token prices plunged in 2022.
Block has bet heav
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Author: Vince Dioquino
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