Investing.com-- Financial technology firm Block Inc (NYSE:XYZ) laid off 931 employees on Tuesday, TechCrunch reported citing an internal email from CEO Jack Dorsey.
Dorsey informed staff that the job cuts were part of broader organizational changes aimed at refining strategy, addressing performance concerns, and streamlining management, according to the report.
The largest portion, 460 roles, was cut for “performance” reasons, while 391 were eliminated due to strategic shifts. Additionally, 80 managerial positions were removed to flatten the hierarchy, with 193 other managers reassigned to individual contributor roles, TechCrunch reported.
Dorsey denied financial motives behind the layoffs, stating they were not intended to meet targets or replace employees with artificial intelligence, the report stated.
Block is also closing 748 open positions, barring certain key roles, according to the report.
The company, which owns Cash App and Square, previously cut around 1,000 jobs in January.