Fintech company Block, co-founded by Jack Dorsey, laid off 931 employees in a significant organizational restructuring. The layoffs are divided into three categories: 391 employees cut for strategic reasons, 460 for performance issues, and 80 managers to simplify the company's hierarchy. Dorsey emphasized that these layoffs were not driven by financial targets or the intention of replacing workers with AI. Additionally, the company is closing all 748 open roles, except for critical and leadership positions, after previously laying off a similar number of employees in early 2024.
The company is cutting roles across three broad buckets: 391 for "strategy" reasons, 460 for "performance" reasons, and 80 managers to flatten hierarchy.
Dorsey clarified that the layoffs are not intended to reach financial targets, nor are they aimed at replacing staff with AI, stating their focus on strategic needs.
Collection
[
|
...
]