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Block, whose subsidiaries include Cash App and Square, is laying off employees, according to an internal memo.

Jack Dorsey's financial services company Block is laying off close to 1,000 employees, which will affect staff in the Cash App, Afterpay and Square subsidiaries of the company.About 1,000 people -- or 10 per cent of Block's headcount -- were ...

Jack Dorsey's financial services company Block is laying off close to 1,000 employees, which will affect staff in the Cash App, Afterpay and Square subsidiaries of the company. In an earnings call last year, Block had said it would reduce its headcount from 13,000 in Q3 2023 to an "absolute cap" of 12,000 by the end of this year. Revenues from Cash App, the peer-to-peer payments service, have declined significantly.

Meanwhile, its buy now, pay later (BNPL) service Afterpay, which Block acquired in 2021 for $29 billion, has posted serious losses. Square also faces competition on multiple fronts, including from Fiserv’s Clover, Toast and Stripe. �� Block Layoffs 2024: Jack Dorsey’s Financial Services Company Block Lays Off About 1,000 Employees, Decision Will Also Affect Staff in Cash App, Afterpay and Square Subsidiaries.

Block Inc., the brainchild of Twitter founder Jack Dorsey, is undergoing a significant downsizing, impacting subsidiaries such as Cash App and Square.