According to a company leak seen by TechCrunch, the FinTech block laid off 931 employees today.
The news was announced to staff in an email from Block co-founder and CEO Jack Dorsey. Dorsey told staff that today, Block will “make some organizational changes, including eliminating roles and starting the consulting process in countries where it is needed.”
Dorsey explained in an email that Block is cutting off the characters in three wide buckets. The first one he listed was that 391 people were laid off for “strategic” reasons.
The second and largest bucket, 460 people were for “performance” reasons, Dorsey explained that Block was “a way to separate from people” and their ratings were “under” or “trend toward less than.”
The third bucket is the manager, with 80 being cut to flatten the Block’s hierarchy.
Dorsey’s email denies that layoffs were for financial reasons or replaced by AI. In particular, Dorsey wrote: “None of the above is [cuts] Try to achieve specific financial goals, replace people with AI or change our total number of employees. ”
Instead, he continues, the neighborhood is cutting roles as strategic needs shift, “increasing standards and acting faster and faster in performance.”
Dorsey also pointed out that Block will close “All” 748 public roles on Block, in addition to the stages that have been promoted to the critical combat roles, key leadership roles, etc.
Blockage The last major layoffs were made in January 2024 When it cuts about 1,000 characters. The clothing has about 12,000 employees, so each cut is about 10% per 15 months.
Block did not immediately respond to a request for comment.
