Jack Dorsey's Block cuts jobs to achieve cap of 12,000 staffers

Jakub Porzycki/NurPhoto/Photographer: Jakub Porzycki/Nur

Block began cutting jobs as part of the firm's goal to cap its workforce at 12,000 employees. 

Block, run by Jack Dorsey, announced the cap when it reported third-quarter earnings in November, and took steps to achieve the goal on Tuesday, according to the company. Block, which offers the Cash App and Square payments services, said the goal of 12,000 staffers will be achieved by the end of the year.

The company declined to give specific details on how many jobs were affected. It has sought to rein in costs amid efforts to boost earnings. Dorsey said in November that the workforce cap will be in place "until we feel the growth of the business has meaningfully outpaced the growth of the company."

In December, Tidal, the music streaming service once owned by recording artist Jay-Z and now part of Block, cut more than 10% of staff as part of its parent company's wider austerity moves. That affected about 40 staffers across various Tidal departments, including a portion of the curation team that builds playlists, people familiar with the cuts said at the time.

Business Insider first reported the Block job cuts earlier Tuesday.