Read the email Jack Dorsey sent when he cut 931 of Block’s staff

Fintech Block laid off 931 people Tuesday, according to a leaked message from the company seen by TechCrunch. The news was announced to staff in an email from Block’s co-founder and CEO, Jack Dorsey. Dorsey told staff that Tuesday, Block will be “making some org changes, including eliminating roles and beginning the consultation process in countries where required.” These are the latest changes to hit Block, Dorsey’s financial services giant that owns Cash App and Square. The company provides mobile payments services for consumers, as well as point-of-sale hardware and software for businesses. In the email, Dorsey explained that Block is cutting roles across three broad buckets. The first he lists is 391 people being cut for “strategy” reasons. The second and biggest bucket, 460 people, is for “performance” reasons, with Dorsey explaining that Block is “parting ways with folks” who score a “below” or “trending towards below” rating. The third bucket is managers, 80 of whom are bei ... Read full article.