Block Inc., the American fintech company co-founded by Jack Dorsey, is reducing its workforce by nearly 50%, from over 10,000 employees to just under 6,000. This significant downsizing, which affects over 4,000 staff members, is attributed to the rapid adoption of artificial intelligence (AI) tools that are transforming core functions within the company. Dorsey clarified that this restructuring is not due to financial issues, as Block’s profitability and customer base continue to expand. He emphasized the decision was made to avoid prolonged layoffs, which can harm company morale. Affected employees will receive 20 weeks’ salary, healthcare for six months, and additional transition support. This move underscores the growing trend of companies integrating AI into their operations, raising concerns about job displacement across industries. As Block focuses on embedding AI at the core of its business, it indicates a shift towards more efficient, technology-driven work processes.
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