The Fintech Block put 931 people, about 8% of the company’s staff on Tuesday, according to a message from the company seen by TechCrunch.
The news was announced to staff in an email by Block Co -Founder and Managing Director Jack Dorsey. Dorsey told staff that on Tuesday, the block will “make some changes to the ORG, including the elimination of roles and the start of the consultation process in countries where required”.
These are the latest changes for the hit block, the giant of Dorsey’s financial services that holds the implementation of cash and the square. The company provides payment services for consumer mobile, as well as material and software for business sales.
In e -mail, Dorsey explained that the block cuts the roles into three big bins. The first one is 391 people cut for “strategy” reasons.
The second and largest bucket, 460 people, are for “performance” reasons, with Dorsey explaining that the block eliminates employees who rating a “down” score in the company’s internal performance measurements or tend towards.
The third bucket is managers, 80 of which are cut to level the block hierarchy in “Innercore+4”, which refers to Dorsey’s immediate reports and then to four levels of direct references beyond that, according to a source known. Dorsey also said that 193 managers are transferred to individual roles.
Dorsey’s email denies that redundancies are for financial reasons or to replace workers with AI. On the contrary, he said the block cuts the roles because of the shift of strategic needs, while “increasing the bar and acting faster in performance”.
Dorsey also noted that the Block closes 748 open roles in the company, with the exception of those who have gone on a bid, critical business roles and key leadership roles, among others.
The Block Last underwent major redundancies in January 2024, when it cut about 1,000 roles. Since December 2024, the uniform has had about 11,300 staff members worldwide, according to The The company’s latest deposit 10k.
The block did not immediately respond to a request for comments.
Below is the entire Dorsey email sent to block employees on Tuesday. The grammar and form of this text have been slightly modified to protect the sources that shared it with TechCrunch. Following is the email:
Hi everyone.
Today we will make some org changes, including eliminating roles and start the consultation process in countries where required. I want to give you all the straight events.
As I said in the last block, there are three areas we would like to face:
- Strategy: Reduction from groups that are out of strategy and defining our discipline.
- Performance: Separate ways with people with “down” or tendency to “below”.
- Hierarchy: Driving to level our org to a maximum depth of Innercore+4
What translates to real numbers of people:
- Hierarchy: 80 Managers (with 193 by moving individual contract roles)
We also close all the 748 roles we had opened, with the exception of:
- The roles went on to offer a stage.
- critical business roles
None of the above points are trying to hit a specific economic goal, to replace peoples with AI or to change the ceiling of our staff. It is especially for our needs about strategy, bar increase and faster performance and leveling of our organs, so that we can move faster and with less abstraction.
Why is he doing this at the same time instead of time? We are back in our actions, and this is not fair for people who work here or the company. When we know, we have to move and there wasn’t enough move. We need to move to help us meet and stay in front of the transformative moment of our industry.
This is the hardest part of my job and I am struggling hard against any of these estimates. We need to have a very high correctness to take any action, which takes the repetition and time to get right. I always balance this with the fact that everyone here, and those who depart, have shares in our company. It’s my job to increase this value. We believe that this will help us focus and perform better to do just that.
We work to give everyone as quickly as possible, with as much as possible and support as possible. You will soon receive an email about what this means to you. If there are areas where you think we could do better, send me a note. Immediate feedback makes us better, and I always act when it makes sense.
Thank you all those who leave us. I am grateful and grateful to you and your work, which has built us so far. We will continue to honor it by increasing our value to our customers and therefore to all our shareholders, including you.
Thank you,
jack
This story was updated at 4:28 pm on Tuesday to include the full email that announces the redundancies.
