Jack Dorsey's Block makes second round of job cuts this year
Block said in an email to staff that it's "reducing the number of roles, changing some responsibilities, and shifting some reporting lines."
Block, the fintech company led by Jack Dorsey, has announced its second round of job cuts this year, following a period of better-than-expected earnings. The layoffs, which targeted employees in Cash App and other consumer financial services, were communicated to staff on Wednesday via an email. The affected teams include Customer Ops, Risk Ops, and Learning & Content Operations.
Some employees at Square, Block's seller-services business, have also received notification of their terminations on social media. The email stated that the changes would involve reducing the number of roles, modifying responsibilities, and adjusting reporting lines. Affected employees would receive a severance package and transition support.
Block did not comment on the matter, but it previously disclosed a workforce reduction of over 40%, from more than 10,000 employees to just under 6,000. The company expects the restructuring to generate $800 million to $900 million in annualized net cost savings. Block's decision to cut jobs comes days after the company reported improved third-quarter results, with a 22% year-over-year increase in gross profit to $3.24 billion.
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