Block Inc (NYSE:XYZ) is preparing to cut as much as 10% of its global workforce—around 1,100 roles—as part of a broader effort to rein in costs and streamline operations, according to a report from Bloomberg.
The Jack Dorsey-led payments group has begun informing hundreds of employees that their positions may be at risk as part of its annual performance review process, the report said, citing people familiar with the situation.
The planned reductions come as Block continues a multi-year reorganisation that began in 2024, aimed at improving efficiency across the business. The company is working to more closely integrate its Cash App and Square ecosystems, while at the same time investing in longer-term growth areas such as cryptocurrency and artificial intelligence.
Shares in Block—and the wider software sector—came under heavy pressure last week amid investor concerns that rapid advances in AI could further disrupt established business models. The sell-off accelerated after AI startup Anthropic unveiled new tools, heightening fears of intensified competition and margin pressure across the industry.