- Block laid off 931 employees (8% of the workforce) across strategy, performance, and hierarchy domains.
- Jack Dorsey aims to flatten organizational structure to "innercore+4" management levels.
Block, the financial services company led by co-founder Jack Dorsey, announced significant layoffs on Tuesday, eliminating 931 positions across the organization.
The cuts represent approximately 8% of the company's workforce and target three primary areas: strategy, performance, and organizational hierarchy.
In an internal email, Dorsey detailed the layoff breakdown: 391 roles cut for strategic reasons, 460 positions eliminated due to performance concerns, and 80 management roles removed to flatten the organizational structure.
Additionally, 193 managers will transition to individual contributor positions. The company is also closing 748 open roles, with exceptions for roles already in the offer stage, critical operational positions, and key leadership roles.
Dorsey emphasized that the decision was not financially motivated or aimed at replacing workers with AI, but rather to improve organizational efficiency and focus.
This marks Block's second major workforce reduction in recent months, following a similar cut of around 1,000 roles in January 2024.
As of December 2024, the company employed approximately 11,300 staff worldwide.
Edited by Annette George
