San Francisco, March 26: Block, a US-based fintech company owned by Jack Dorsey, co-founder of Twitter and CEO of Square, will lay off hundreds of employees amid operational changes. The Block layoffs will affect around 900 to 1,000 employees working for the fintech company. The Block employees were reportedly informed about the layoffs via email, highlighting that many roles would be impacted.

According to a report by The Guardian, Jack Dorsey's Block will lay off 930 employees and move 200 managers to non-managerial roles. The report mentioned that the email sent to the Block employees by the Twitter co-founder said that another 800 open jobs would be closed as well. The email from Jack Dorsey also mentioned that the layoffs were not part of cost-cutting measures. NASA Layoffs: Staff Calls Job Cuts Initiated by US Space Agency ‘Callous’ and ‘Needless’ Amid Broader Federal Layoffs Coming From President Donald Trump.

In his email, the CEO said that the Block layoffs and other changes were not part of the company's intention to hit a "specific financial target" by replacing people with "AI" or changing the headcount cap. However, Dorsey said that the job cuts were part of Block's early reorganisation efforts that started back in 2024, which also saw nearly 1,000 people lose their jobs.

Jack Dorsey implemented a headcount of a maximum of 12,000 employees with the reorganisation and wrote in the email that the company was raising a bar, acting faster on performance, and flattening its organisation to move faster with fewer distractions. The report highlighted that the CEO also announced similar layoffs last year, informing the staff that the company needed to 'build a startup again'. Tech Layoffs 2025: 23,382 Employees Laid Off by 89 Companies So Far This Year Due to Various Reasons; Check Details.

Block CEO Jack Dorsey stated, "we're behind in our actions, and that's not fair to the individual or the company." He further said the reorganisation would help the company focus and execute better. Block stock has seen a 29% decline in 2025, affecting revenues and profits. Dorsey said that the reorganisation was also part of his job to increase the value of the stocks. Block CEO Jack Dorsey also said the company would have to move faster and expand access, openness and automation.

(The above story first appeared on LatestLY on Mar 26, 2025 12:16 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).