Economy

AI Layoffs Catch up With Fintech Industry

An expert cautioned that sectors reliant on complex human expertise should move carefully in AI related job cuts.
AI Layoffs Catch up With Fintech Industry
The logo for the U.S. tech firm Block is displayed and reflected in a number of digital screens. Leon Neal/Getty Images
Panos Mourdoukoutas
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Artificial intelligence-driven job cuts reached the financial technology sector last week as Block announced it is reducing its workforce by 40 percent, shrinking from more than 10,000 employees to just under 6,000, effective immediately.

The company, which operates Square and Cash App, said productivity gains from AI have enabled it to operate more efficiently with fewer workers. According to the company, the number of engineering production codes shipped per engineer has risen more than 40 percent since September 2025 due to AI tool adoption.

Panos Mourdoukoutas
Panos Mourdoukoutas
Author
Panos Mourdoukoutas is a professor of economics at Long Island University in New York City. He also teaches security analysis at Columbia University. He’s been published in professional journals and magazines, including Forbes, Investopedia, Barron's, IBT, and Journal of Financial Research. He’s also the author of many books, including “Business Strategy in a Semiglobal Economy” and “China's Challenge.”