Robinhood Cuts 9% of its Workforce
Posted on 04/27/2022
Retail brokerage firm Robinhood axes 9% of its workforce. The trading app is cutting back staffing levels, citing “duplicate roles and job functions” after rapid expansion in 2021. The move will impact roughly 9% of full-time employees. Robinhood reported 3,800 full-time employees as of December 31, 2021.
Robinhood CEO Vlad Tenev made the announcement in a blog post on the afternoon of April 26, 2022.
“We determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers,” Tenev wrote.
“While the decision to undertake this action wasn’t easy, it is a deliberate step to ensure we are able to continue delivering on our strategic goals and furthering our mission to democratize finance,” he added.
Keywords: Robinhood Markets Inc (Robinhood).
