Jack Dorsey’s financial technology company Block Inc. is preparing to cut up to 10% of its workforce as part of a broader effort to streamline operations and improve efficiency, Bloomberg reported, citing people familiar with the matter.
Summary
- Block plans to cut up to 10% of its workforce as part of an efficiency drive, Bloomberg reported.
- The move could impact around 1,000 employees following internal performance reviews.
- Cost controls come ahead of Block’s upcoming earnings report amid slowing growth.
Block puts workforce cuts under review
The potential reductions could impact roughly 1,000 employees, based on Block’s headcount of just under 11,000 as of late 2025.
Employees were informed internally that roles are being reviewed as part of annual performance evaluations, with decisions expected to be finalized in the coming weeks.
The move marks the latest step in a multi-year restructuring effort at Block, which operates businesses including Square, Cash App, and Bitcoin-focused initiatives. The company has been working to simplify its organizational structure, integrate teams more closely, and focus resources on higher-growth and more profitable areas.
Block has also been increasing its emphasis on automation and internal productivity tools, including an in-house artificial intelligence assistant known as Goose, as it looks to operate more efficiently at scale.
The company has previously said it wants to balance growth investments with tighter cost controls.
The planned workforce reduction comes as Block navigates a challenging operating environment. Growth in its Square merchant business has slowed amid pressure on small businesses, while competition across digital payments and financial services remains intense.
Block is scheduled to report fourth-quarter earnings later this month, with investors closely watching margins and cost discipline. The company has outlined long-term targets calling for sustained gross profit growth through the second half of the decade.
Source: https://crypto.news/jack-dorsey-block-plans-to-cut-staff/
