On February 13, 2026, the fintech landscape shifted once again as Jack Dorsey’s Block Inc. confirmed the elimination of approximately 1,100 roles, representing roughly 10% of its global workforce. This decisive move, executed during the company's annual performance review cycle, marks the third major wave of Block layoffs in 2026 and late 2025, signaling a permanent pivot toward artificial intelligence and Bitcoin-centric infrastructure. The reduction contributes to a grim industry statistic: over 30,000 tech workers have now been displaced in the first six weeks of 2026 alone, as the sector races to replace traditional operational roles with automated systems.
The Efficiency Mandate: Inside the 10% Workforce Reduction
The cuts, which affect teams across Block’s ecosystem—including Cash App, Square, and the buy-now-pay-later platform Afterpay—are part of what Dorsey has described internally as an "absolute check" on corporate bloat. Sources close to the matter indicate that the layoffs were not broad, indiscriminate slashes but targeted removals identified during the year-end performance reviews that concluded in early February. By trimming 1,100 positions from its headcount of just under 11,000, Block is attempting to flatten its organizational structure, removing layers of middle management to accelerate decision-making.
This restructuring mirrors a pattern established in previous years. Block cut approximately 1,000 jobs in January 2024 and followed up with nearly 930 terminations in March 2025. However, the 2026 cuts differ in their strategic intent. Rather than mere cost-saving, these layoffs are explicitly designed to free up capital for high-growth experimental bets, specifically in artificial intelligence and decentralized finance protocols.
Project Goose and the Jack Dorsey AI Pivot
Central to this restructuring is Block’s aggressive investment in internal AI tools, most notably a productivity engine codenamed "Goose." While the company has been reticent about publicizing the tool’s full capabilities, internal memos suggest Goose is designed to automate coding, compliance, and customer service tasks that previously required significant human oversight. This Jack Dorsey AI pivot is not just about adopting third-party tools but building a proprietary AI stack that integrates deeply with Block’s financial data.
"We are shifting resources from maintenance to invention," a Block spokesperson stated in a briefing regarding the company's strategic priorities. This shift has casualties: the company is reportedly scaling back its investment in Tidal, the music streaming service acquired in 2021, and winding down elements of TBD, its decentralized web platform, to double down on Proto, its Bitcoin mining and wallet hardware division.
Integrating Square and Cash App
A key driver of the fintech job cuts 2026 is the long-awaited operational merger of the Square and Cash App ecosystems. For years, these two giants operated as siloes within Block. The new restructuring plan aims to unify their engineering and sales teams to create a closed-loop economy where a consumer’s Cash App funds can flow seamlessly to a Square merchant without leaving Block’s rails. This consolidation naturally created redundancies, particularly in marketing, engineering, and administrative support roles, which bore the brunt of the February cuts.
A Grim Milestone: Global Tech Layoffs Tracker Hits 30,000
Block’s announcement pushes the global tech layoffs tracker past a significant psychological threshold. As of mid-February, more than 30,700 technology workers have lost their jobs in 2026. This figure suggests that the "Year of Efficiency" declared by Meta's Mark Zuckerberg in 2023 has evolved into a permanent operational doctrine for the entire industry.
The trend is visible across the board. Major players like Salesforce and Oracle have also executed strategic downsizing in early 2026, citing the need to fund AI data center expansion. The AI impact on tech roles is no longer theoretical; it is quantifiable. Companies are shedding legacy roles to hire expensive AI specialists, creating a paradox where layoffs and aggressive hiring happen simultaneously within the same organizations.
Financial Outlook: Earnings on the Horizon
Investors appear to be reacting cautiously to the Block Bitcoin news and restructuring efforts. Block stock has seen volatility leading up to its fourth-quarter earnings report, scheduled for February 26, 2026. Analysts project adjusted profits of approximately $403 million, but the market's focus will likely be on whether these deep cuts can finally deliver the consistent profitability that has eluded the fintech giant for years.
For the 1,100 employees leaving Block today, the narrative of "efficiency" offers little comfort. But for the remaining workforce, the message is clear: the future of fintech belongs to those who can build, manage, and scale the automated systems that are rapidly replacing them.
