FinanceUS

Block Layoffs

January 2024

Block announced a layoff affecting 1,000 employees (10% of its workforce) in January 2024. The company operates in the Finance sector.

People Affected

1,000

Percentage

10%

Announced Date

Jan 30, 2024

About

Block, the fintech company led by CEO Jack Dorsey, laid off approximately 1,000 employees on January 30, 2024, as part of a broader effort to streamline operations. This reduction represents about 10% of its workforce, which the company aims to cap at around 12,000 employees, down from 13,000 late last year. Dorsey cited that the company's headcount had grown faster than its business, necessitating these cuts to achieve a leaner structure. The layoffs primarily affected teams at Cash App, Foundational, and Square, marking Block's second round of job cuts in recent months, following a smaller reduction at Tidal in December. This move aligns with a wider trend of workforce adjustments across the tech industry.