According to press sources, Block is laying off approximately 1000 employees, the majority of whom work at the Square and Cash App sections.
In a memo to employees received by Business Insider, CEO Jack Dorsey stated that the business is laying off “a large number of our teammates”. According to BI, the number is around 1,000, or 10% of the total workforce. The Cash App’s income has recently fallen, while Afterpay, which BNPL acquired in 2021 for USD 29 billion, is experiencing significant losses.
The Block job losses come in the same week that PayPal announced a 9% reduction in personnel and just days after expense management business Brex revealed plans to lay off 20% of its workforce.
Read More: Block latest fintech to cut staff