Financial technology company Block Inc., led by CEO Jack Dorsey, is reportedly planning a significant reduction in its workforce, aiming to cut up to 10% of its current staff, according to a report by Bloomberg citing people familiar with the matter. This move is positioned as Block’s latest effort to streamline operations, control rising costs, and boost overall efficiency across its numerous business segments.
The restructuring initiative affects Block’s various divisions, which include Square (the seller ecosystem), Cash App, and the company’s nascent bitcoin-focused platform, TBD. While the company saw rapid expansion during the high-growth phase of the pandemic, Dorsey has consistently signaled the need for greater discipline and profitability in recent quarters, mirroring a broader trend of cost consciousness across the technology industry.
Based on Block’s employee count, a 10% reduction could impact over a thousand roles globally. While the timeframe for the cuts is still being finalized, the decision underscores a shift in strategic focus from rapid market share acquisition to sustainable growth and improved financial margins.
Block has not yet publicly confirmed the planned layoffs or the specific timeline for the reductions, but the internal discussions reported by Bloomberg suggest the company is moving aggressively to align its expense base with challenging macroeconomic conditions and increasing investor demand for improved operating leverage. This action follows similar efficiency drives undertaken by major tech players throughout the year.
Source: Jack Dorsey’s Block looking to cut up to 10% of workforce in latest efficiency push: Bloomberg
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