Block Cuts Around 1,000 Jobs Across Cash App and Square as It Trims Headcount Towards 12,000 Cap

Block laid off approximately 1,000 employees on 30 January 2024, around 10% of its workforce, as chief executive Jack Dorsey carried out cuts he had flagged in November 2023, when he capped headcount at 12,000. The cuts affected workers across the company's principal business divisions: Cash App, the consumer peer-to-peer payments and financial services platform; Square, the merchant payments and point-of-sale unit; and the Foundational teams that provide shared services and infrastructure across the organisation.

Dorsey communicated the decision to staff through an internal memo, framing the job losses as the consequence of deliberate organisational changes and a focus on operational efficiency. In his November 2023 memo, Dorsey had written that "the growth of our company has far outpaced the growth of our business and revenue".

BREAKDOWN NOT DISCLOSED

Block has not provided a detailed breakdown of where within each division the redundancies were concentrated, nor has it disclosed the specific financial savings it expects to realise from the restructuring.