Block, the financial technology company led by CEO Jack Dorsey, has announced plans to lay off approximately 931 employees, representing about 8% of its workforce.
In an internal email to staff, Dorsey stated that the layoffs are part of organizational changes aimed at addressing strategic priorities, enhancing performance, and flattening the company’s hierarchy.
The reductions are categorized into three main areas: 391 positions are being eliminated for strategic reasons, 460 due to performance issues, and 80 managerial roles to streamline the organization’s structure. Additionally, 193 managers will transition to individual contributor roles.
Dorsey emphasized that these layoffs are not driven by financial targets or efforts to replace employees with artificial intelligence.
Instead, they are intended to raise performance standards and enable the company to operate more efficiently.
This marks the second significant round of layoffs at Block in just over a year, following a similar reduction of approximately 1,000 employees in January 2024.
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