According to TechCrunch’s leaked message, Fintech Block fired about 8% of the company’s employees, about 8% of the company’s employees on Tuesday.
This news was published to the staff by email from Jack Dorsey, co -founder and CEO of Block. Dorsey told employees that on Tuesday, Block said, “We will perform some organizational changes, such as removing roles and starting counseling procedures in necessary countries.”
These are the latest changes in HIT BLOCK, a large -scale financial service giant DOITEY with cash apps and square. The company provides consumers with a time point hardware and software for mobile payment services and business.
In the e -mail, DORSEY explained that the block is cutting a role in three wide buckets. The first he lists is that 391 people have been cut for “strategy”.
The second and the largest bucket is 460, and Dorsey explains that Block tends to release the company’s internal performance tracking metrics to release the employees of the “below”.
The third bucket is an administrator, and 80 people are cutting the hierarchical structure of the block to “innercore+4”, which represents Dorsey’s direct report and four levels of direct reports. Dorsey also said 193 managers are moving to their personal contributions.
Dorsey’s email refuses that dismissal should be replaced by financial reasons or replacing workers with AI. Rather, he said that the block is reducing the role because the block changes strategic demands and is “raising the rods and acting faster performance.”
DORSEY also mentioned that Block is closing 748 disclosure roles in the company, except for the proposal stage, important operating role and major leadership roles.
Finally, the block was made in January 2024, when it cuts about 1,000 roles. As of December 2024, the costume was about 11,300 employees worldwide.
The block did not respond immediately.
The following is the full e -mail sent by Dorsey to the block staff on Tuesday. The grammar and form of this text have been slightly modified to protect the sources shared with Techcrunch. The email is as follows:
hello.
Today we will change some organizations by eliminating our roles and starting the counseling process in the necessary countries. I want to give you all the true facts.
As I said in the last block, there are three areas we want to solve.
- Strategy: Reducing and fixing disciplinary ratios in teams out of strategy.
- Performance: Goodbye to those who tend to head to “bottom” or “bottom”.
- Hierarchical structure: Operation to level up to the maximum depth inside
Converted to the actual number of people:
- Hierarchical structure: 80 managers (as a personal contributor while moving 193)
We also finish all the 748 roles that are opened except for the following.
- The role was held to provide steps.
- An important operation role
None of the above points will achieve certain financial goals, replace people with AI, or change head caps. They depend on our needs of strategy. You can increase the rods, act faster your performance, and level your organization to move faster and less abstraction.
Why do you do everything over time over time? We are behind our actions, and we are not fair to individuals or companies working here. If we know, we have to move and there is not enough movement. We must move to meet and lead the innovative moments of the industry.
This is the hardest part of my job, and I fight hard with these considerations. We must have a very high accuracy of taking all actions to repeat and time repetition and time. I always stay in balance with the fact that everyone here and those who depart have equity to our company. It is my job to increase its value. We believe that this will help us better and execute it.
We are trying to provide everyone’s promptly clarity with as many contexts and support as possible. This will soon receive an email for what you mean to you. Please send a note if there is an area we think we can do better. Direct feedback makes us better, and I always act when it is meaningful.
Thank you all for leaving us. I thank you and thank you for your work. We will continue to respect our values for all shareholders, including customers, including customers.
thank you,
jack
This story has been updated on Tuesday at 4:28 pm, including the entire email to announce the dismissal.
