Block to Lay Off 10% Workforce During Performance Reviews as Jack Dorsey Pushes Major Business Overhaul

Jack Dorsey’s Block Plans 10% Workforce Cut During Performance Reviews: Report

Block Inc., the fintech firm founded by Twitter co-founder Jack Dorsey, is planning to lay off around 10% of its workforce during ongoing performance reviews as part of a broader effort to overhaul its business, according to a report by Bloomberg.

The report, published on 8 February, said that hundreds of Block employees have been informed that their roles could be impacted during the annual review process. As of the end of November, Block employed approximately 11,000 staff globally. The company did not respond to media queries outside regular business hours, Bloomberg added.

Business overhaul underway

Founded in 2009 as Square, Block has expanded beyond payments processing into a diversified fintech platform, offering peer-to-peer transfers, merchant services, and consumer financial products. In July last year, the company joined the S&P 500 index, replacing Hess Corp., following Chevron’s acquisition of the energy firm.

Since 2024, Block has been reworking its business model and organisational structure to operate more efficiently. As part of this effort, the company has reorganised reporting lines and adjusted staffing levels, the report said.

Bloomberg noted that Block is also working to integrate its peer-to-peer payments app Cash App with merchant-focused platform Square, while expanding newer initiatives such as its Bitcoin mining venture Proto and an artificial intelligence tool known as Goose.

Earnings outlook

Block is scheduled to report its fourth-quarter earnings on 26 February. Analysts expect the company to post adjusted earnings of $403 million, or 68 cents per share, on revenue of $6.25 billion for the quarter.

Previous job cuts

This is not the first round of workforce reductions at Block. In March 2025, the company reportedly cut 931 jobs across its platforms, including Square, Cash App and Tidal.

At the time, reports said Dorsey informed employees via an internal email that the cuts were not driven by financial pressures or artificial intelligence, but were intended to streamline operations, reduce management layers and improve overall performance.

Broader tech industry trend

Block’s planned layoffs come amid wider job cuts across the technology sector. Earlier this year, Bloomberg reported that Amazon was reducing thousands of white-collar roles across divisions, including AWS and retail operations. A Reuters report linked some of those reductions to increased AI efficiencies.

Amazon CEO Andy Jassy has previously said the company expects its corporate workforce to shrink over time as productivity improves, while also emphasising organisational and cultural changes.