Department affected: Cash App and risk teams (broader corporate roles).
Based on news reporting.
Block announced cuts that eliminated roughly 2,800 positions as part of a larger cost-cutting and restructuring effort, with notable impacts in Cash App and risk-related teams. The reductions followed a period of slowing growth, lower revenue forecasts for its consumer-finance unit, and an effort to prioritize profitability and streamline operations. CEO and executives framed the move as necessary to align headcount with the company’s strategic priorities, while the timing and scale drew attention because they came amidst broader tech-sector layoffs. The article argues Block’s reductions were especially significant given the company's size and the implications for fintech competition and policy discussions.
Block cut 2,800 jobs affecting its Cash App and risk teams (broader corporate roles) team as of June 13, 2023.
That is roughly 40% of the 7,000 people Block employs.
LayoffTalk has tracked 36 layoff events at Block since June 2023, affecting a combined 18,912 employees.
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