Stripe and Jane Street picking up alumni of $40bn fintech making layoffs
While PayPal was the biggest fintech making layoffs this week, it wasn't the only one. Jack Dorsey's conglomerate, Block, encompassing the likes of CashApp and Square, is reducing its headcount by 10%, with an estimated 1000 employees affected. For alumni of Square in particular, there may be a bidding war for talent, as departures new and old are picking up jobs at some of the highest paying trading firms and fintechs.
One senior engineer staying in fintech is Rohit Dinakar, joining payments giant Stripe in San Francisco. At Square, he spent four years as a staff engineer then two as an engineering manager, and led the fintech's risk infrastructure platform.
Perhaps the most senior engineer leaving is David Seniawsky. He worked at Square for over a decade as a director of engineering, joining when it had just 278 employees. He left that division a year and a half ago and has since been "helping get Block’s Bitcoin Mining team off the ground." The division still appears to be intact despite his departure.
Senior Square alumni are also going to work in AI. Slava Yanson, a principal engineer at CashApp that became part of Square's engineering leadership team, joined generative AI innovation lab MyBrandAI this month as chief technology officer. Staff AI engineer Gabor Angeli, who left Square in September, resurfaced at Google last month as a senior staff engineer working on the firm's ChatGPT competitor, Bard.
Square alumni who left some time ago are also receiving love in the market. Wiktor Macura was "hired as the first engineer in Square's NYC office to recruit and manage a team" and joined electronic trading giant Jane Street as a software engineer this month. Between those two roles, Macura has also been head of engineering at security-tech firm Citizen and social media platform Saturn.
This isn't Block's first layoff in the past year. Back in October, it reportedly cut around "half the talent team" of Square, while Shopify cut 20% of its staff back in May. Leadership is being reorganized too; Block CEO Alyssa Henry left in September, with Dorsey occupying her role at the moment. Since October, the fintech's stock price has risen more than 65% and it currently has a market cap of $39.92bn
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