PayPal, Block To Cut Thousands as Tech Layoffs Persist - The San Francisco Standard

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The rough start to 2024 for tech workers has continued as two financial technology giants with close Bay Area ties have begun laying off what will eventually include more than 3,000 employees.

Block, the financial technology company formerly called Square that was co-founded by tech billionaire Jack Dorsey, confirmed that it will be cutting its overall staffing by around 1,000.

The notifications of impacted employees started on Tuesday, and the company intends to enact an absolute headcount cap of 12,000 employees by the end of 2024. That compares with a total employee count of more than 13,000 at the end of the third quarter last year.

Block said that it plans to make the cuts based on performance measures and streamlining tasks and teams. In a November letter to shareholders, Dorsey underscored a focus on profitability in part by controlling costs.

Block has a scheduled earnings report for Feb. 22, where company leaders are expected to detail the progress of the layoffs.

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