SAN FRANCISCO (KRON) -- Block, the fintech company founded by former Twitter CEO, is laying off 8 percent of its staff, according to a report in TechCrunch. The layoffs will impact 931 people. About 240 remote workers in California are among those whose jobs will be cut, according to a separate repo rt in the San Francisco Chronicle. TechCrunch, citing an email to staff from Dorsey, said the CEO and co-founder said the company would be "making some org changes, including eliminating roles and beginning the consultation process in countries where required." In the email, Dorsey reportedly explained that Block is cutting jobs across three broad buckets, with 391 workers being cut for "strategy" reasons. Another 460 would reportedly be cut for "performance" reasons, Block laying off those who scored a "below" rating on the company's internal performance tracking methods. Additionally, 80 managers will also reportedly lose their jobs. Another 193 managers would reportedly be moved to individual contributor roles. Dorsey reportedly told staff that the layoffs were not for financial reasons or part of a shift toward replacing workers with AI. Block also reportedly closed 748 open roles at the company. Block is headquartered in Oakland. KRON4 has reached out to Block. We have yet to hear back. ...read more read less