Square

The payment company increased its financial outlook, partly on the shoulders of new forms of artificial intelligence, such as "codename goose" that are making it possible to update products faster.

Block, which maintains its original Square brand for its business-focused products, is offering easier access to cash advances for small businesses. Also, Amex and Mastercard expand their virtual card strategy; and more in the American Banker global payments and fintech roundup.

Block has combined buy now/pay later with peer-to-peer payments, part of a big bet that younger consumers want an alternative to credit cards.

Donald Trump's ascension to the presidency creates regulatory uncertainty, but Block's CEO says the company hopes for more clarity for bitcoin and is developing technology to be flexible.

After his aggressive cost-cutting raised profits above analysts' expectations, Block's CEO aims to retool several features of Square and Cash App to enable them to operate like a "social bank."

The company declined to give specific details on how many jobs were affected. It has sought to rein in costs amid efforts to boost earnings.

PayPal, which employed around 29,900 workers at the end of 2022, announced a similar round of cuts last January.

These executives have taken charge at firms like PayPal, Discover and Early Warning Servcies during a volatile time for the entire industry.

Block is offering a new hardware Bitcoin wallet as crypto advocate Jack Dorsey focuses the payments company formerly known as Square more on security and self-governance for the digital-asset sector.

The M&A surge promises to improve the services fintechs offer to many banks. But it's also creating a new class of full-service competitors.