According to a leak from the company seen by TechCrunch, the FinTech block captured 931 people on Tuesday.
The news was announced to staff via email from Block co-founder and CEO Jack Dorsey. Dorsey told staff that on Tuesday, Block will “make some organizational changes, including eliminating roles and starting the consulting process in countries where it is needed.”
These are the latest changes to Dorsey’s financial services giant owns cash apps and the Plaza. The company provides mobile payment services to consumers, as well as point-of-sale hardware and enterprise software.
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 also said 193 managers are moving to individual contributor roles.
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 said the block is cutting roles because of the shift in strategic needs, “raising standards and acting faster in terms of performance.”
Dorsey also noted that Block will close “All” 748 public roles on Block, except for those who are promoted to the quotation phase, key combat roles, key leadership roles, and more.
Blockage The last major layoffs were made in January 2024 When it cuts about 1,000 characters. Before Tuesday LayoffsAccording to sources familiar with the matter, the clothing has about 12,000 employees.
Block did not immediately respond to a request for comment.
This is a developing story, please check out the update.
