How Block’s CFO became convinced the company needed only 60% of its staff

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Good morning. Why would a profitable, fast-growing fintech cut nearly half its staff?

That’s the question swirling around Block after CEO Jack Dorsey announced plans to lay off 4,000 employees, about 40% of the company, just as the parent of Square and Cash App reported Q4 gross profit of $2.9 billion, up 24% year over year. I sat down with Block CFO and COO Amrita Ahuja, who said the move isn’t about trouble or “bloat,” but about how far the company has gone in reshaping its workforce around artificial intelligence.