Block Layoffs: Jack Dorsey-Led Fintech Firm To Cut 10% of Global Workforce in Major Efficiency Drive

Mumbai, February 9: Block Inc., the fintech giant led by co-founder Jack Dorsey, is preparing to implement a significant round of layoffs that could see approximately 10 per cent of its global workforce trimmed. According to reports surfacing this Monday, the move is part of a broader strategy to streamline operations and enhance profitability amid a shifting economic landscape for the technology and financial sectors.

The planned reductions mark the third wave of job cuts for the company within the last two years, reflecting a period of sustained financial caution. While Block has yet to issue an official statement regarding the exact number of departures, internal sources indicate that the restructuring is already underway as part of the firm's annual performance evaluation process. Ocado Layoffs: British Tech Firm To Cut Jobs in Major Restructuring Following Financial Setbacks; 1,000 To Be Impacted

Block Restructuring and Efficiency Goals

The job cuts are expected to span several divisions within the company, which operates major platforms including Square, Cash App, and Bitkey. The restructuring follows a directive from Jack Dorsey to cap the company’s total headcount, aiming to keep the workforce below a specific threshold to maintain an "agile and entrepreneurial" environment.

Employees across various global offices have reportedly been informed that their roles may be affected as the company concludes its year-end performance reviews this February. By reducing its headcount, Block intends to lower operating expenses and refocus resources on core growth areas, such as Bitcoin infrastructure and decentralized financial services, which have become central to Dorsey’s long-term vision.

Impact on the Fintech Sector and Future Outlook

The decision at Block is indicative of a wider trend across the fintech industry, where companies are prioritising fiscal discipline over rapid expansion. Throughout 2025 and early 2026, several high-profile tech firms have announced similar measures to navigate high interest rates and increased competition. For Block, these cuts follow previous redundancies in 2023 and 2024 that targeted redundant roles after a period of aggressive hiring. Ocado Layoffs: British Tech Firm To Cut Jobs in Major Restructuring Following Financial Setbacks; 1,000 To Be Impacted

Investors have generally responded positively to the company's focus on "Rule of 40" profitability—a metric where the sum of a company's growth rate and profit margin exceeds 40 per cent. By trimming 10 per cent of its staff, the company aims to reach this benchmark more consistently. Further details regarding the final number of impacted employees are expected to be disclosed during the company’s next quarterly earnings report.

(The above story first appeared on LatestLY on Feb 09, 2026 04:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).