Jack Dorsey's Block to slash staff by 40% over AI progress [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: Yahoo! Finance
The financial services company Block will cut its headcount by 40%, citing AI advancements, and predicted that other businesses would follow suit. The firm's co-founder, former Twitter boss Jack Dorsey, said “intelligence tool capabilities are compounding faster every week” and a smaller team could “ do more and do it better .” Block's shares went up 24% on the news. Other companies have made similar moves, including Amazon and JPMorgan, although skeptics suspect they are ordinary layoffs under an AI smokescreen : Tech firms in particular saw hiring sprees during the pandemic, and are returning to 2019 numbers , CNN reported. Nonetheless, AI tools have become more powerful, and software firms' stocks cratered when Anthropic unveiled more powerful coding tools. A chart showing Block's stock performance this year. — Tom Chivers Recommended Stories
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News
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JPM
Earnings
- 1/13/26 - Miss
JPM
Sec Filings
- 2/27/26 - Form 424B2
- 2/27/26 - Form 424B2
- 2/27/26 - Form 424B3
- JPM's page on the SEC website