Fintech company Block lays off 10% of staff amid industry-wide job cuts

Fintech company Block, which owns subsidiaries such as Square, Cash App, and Afterpay, has laid off around 1,000 employees, or 10% of its workforce. CEO Jack Dorsey stated in an internal memo that the company's growth has outpaced its business and revenue. The layoffs affected staff in the Cash App, foundational, and Square arms of Block. The fintech sector has seen a wave of layoffs in recent weeks, including PayPal's announcement that it will fire 2,500 employees, Brex's layoff of 282 employees, and Treasure Financial's layoff of 14 employees.