Robinhood reportedly laying off 7% of staff in fresh round of job cuts
US stock trading app Robinhood is reportedly laying off 7% of its full-time employees – around 150 staff – according to The Wall Street Journal.
Robinhood reportedly lays off another 7% of its workforce
The news marks Robinhood’s third round of layoffs since 2022, after it first shed 9% of its workforce in April 2022 and then later cut 23% of its staff in August 2022. The news also follows Robinhood’s latest acquisition of credit card platform X1 for a sum of $95 million in cash.
Last August, the company had cited broader company reorganisation as a reason for the layoffs, with Robinhood’s operations, marketing and program management departments being affected. In the same month, Robinhood’s crypto division was also fined $30 million by The New York State Department of Financial Services.
According to an internal memo seen by The WSJ, Robinhood’s chief financial offficer (CFO) Jason Warnick writes that the latest job cuts are being made to “adjust to volumes and to better align team structures”.
On reaching out, a Robinhood spokesperson tells FinTech Futures: “We’re ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more.”
