Jack Dorsey halves Block, from 10,000 staff to under 6,000, and says your employer is next

Block cut about 4,000 jobs on 26 February 2026, taking the payments company from more than 10,000 employees to fewer than 6,000 - a 40% reduction announced in one go. CEO Jack Dorsey attributed it directly to AI in a letter to shareholders: 'Intelligence tools have changed what it means to build and run a company. We're already seeing it internally. A significantly smaller team, using the tools we're building, can do more and do it better.' He went further than most executives will: 'Within the next year, I believe the majority of companies will reach the same conclusion and make similar structural changes. I'd rather get there honestly and on our own terms than be forced into it reactively.' Severance ran to 20 weeks of salary plus one week per year of tenure. The stock rose more than 24% in after-hours trading - markets are currently rewarding this decision, which is the reason to expect more of them.