Fintech company Block, co-founded by Jack Dorsey, has laid off 931 employees as part of an organizational restructuring. In an email to staff, Dorsey detailed that the layoffs are categorized into three groups: 391 for strategic reasons, 460 for performance issues, and 80 management positions to streamline operations. He emphasized that these cuts are not driven by financial targets or AI replacements. Additionally, Block is closing 748 open roles while maintaining essential positions. This marks the second round of significant layoffs for the company in recent months.