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Jack Dorsey addresses over-hiring at Block and outlines restructuring steps taken in 2024
Jack Dorsey, chief executive officer of Block, acknowledged in a recent statement that the company over-hired during the COVID-19 pandemic due to the development of separate organizational structures for Square and Cash App. Dorsey explained that this dual structure was later consolidated in mid 2024 to streamline operations. He also highlighted additional operational complexities arising from the firm's expansion into lending, banking, and buy now pay later segments. Dorsey stated that Block is now targeting over 2 million dollars in gross metrics, underscoring efforts to improve efficiency and meet ambitious growth objectives.
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