US fintech Block is laying off 931 staff and closing 748 open roles, as the mobile payments and POS company undergoes a major reorganisation.
The news was announced to staff in an email from Block’s co-founder and CEO, Jack Dorsey, that was leaked to TechCrunch.
Dorsey told staff that 391 roles would be cut for "strategy" reasons. A further 460 people who scored a "below" rating on the company's internal performance tracking metrics are also being ditched. Eighty manager roles are also to be eliminated in an attempt to flatten the company's hierarchy.
"None of the above points are trying to hit a specific financial target, replacing folks with AI, or changing our headcount cap," wrote Dorsey. "They are specific to our needs around strategy, raising the bar and acting faster on performance, and flattening our org so we can move faster and with less abstraction."
The company last cut 1000 jobs in January 2024, for much the same reasons as Dorsey has outlined this week.
The latest round of cuts come just months after Block was ordered to pay a combined $255 million by state regulators and the CFPB over AML and fraud failures connected to the Cash App.