Block Inc. (SQ) Considers Workforce Reduction of Up to 10%, Reports Bloomberg

Financial technology firm Block Inc., led by CEO Jack Dorsey, is reportedly evaluating a significant restructuring plan that could lead to job cuts affecting up to 10% of its workforce by the end of 2024. According to a Bloomberg News report citing sources familiar with the matter, the parent company of Square and Cash App is aiming to streamline operations and reduce costs. The potential layoffs, which could impact thousands of employees, are part of a broader initiative to improve operational efficiency and profitability. This move follows a similar restructuring earlier in the year and aligns with ongoing trends in the tech sector. Market analysts are closely watching the impact of such cost-cutting measures on Block's stock (SQ) and its competitive position in the fintech and digital payments landscape.