Robinhood has decided to reduce its workforce by a staggering 23%. Another company that overplayed the pandemic growth.
Online brokerage Robinhood is laying off 23% of its workforce in its second round of staff cuts this year. The companywide job cuts are “part of a broader company reorganization,” CEO and co-founder Vlad Tenev wrote in a blog post,
The job cuts mark the second round of layoffs at Robinhood this year, which in April cut its workforce by about 9%. The two tours together have cut more than 1,000 jobs from the company.
Robinhood’s crypto division has been fined $30 million by New York regulators who say they found “significant failures” in anti-money-laundering and cybersecurity compliance.
Several technology companies have laid off employees in recent months as they grapple with slowing growth and the threat of an imminent slowdown. Twitter Inc, Netflix Inc. and Tesla Inc. are among those who have cut staff.
Robinhood is a stock brokerage that allows customers to buy and sell stocks, options, ETFs, and cryptocurrencies with zero commission.
Vladimir Tenev and Baiju Bhatt established the company in Menlo Park, California in 2013