Hey there, tech enthusiasts! Let’s dive into some big news from the fintech world.

Block has made a significant decision by letting go of 931 employees, a move announced via a leaked email from Jack Dorsey, co-founder and CEO.

In his message to the team, Dorsey explained that these changes are part of an organizational overhaul, with roles being eliminated and consultation processes initiated where required.

Block, the parent company of Cash App and Square, is restructuring to enhance its performance. Dorsey outlined three main categories for the job cuts.

The first group includes 391 positions deemed unnecessary for strategic reasons.

The largest group, consisting of 460 positions, is related to performance evaluations, targeting those who did not meet performance expectations.

The final group involves 80 managerial roles aimed at flattening the company’s structure, with some managers transitioning to contributor roles.

Dorsey emphasized that the layoffs are not financially driven and clarified that the intention is not to replace these roles with AI technology. The focus is instead on adapting to shifting strategic needs.

In addition, Block is closing 748 open positions, except for those nearing offer stages and other critical roles.

This isn’t the first time Block has faced layoffs; a significant reduction occurred in January 2024 when around 1,000 roles were cut.

As of now, Block had approximately 12,000 employees, indicating substantial workforce changes ahead. The story is still developing, and updates will follow.