Robinhood plans to cut staff by another 7%
In August 2022, fintech company Robinhood announced a 23% reduction in headcount.
As its general director Vlad Tenev noted, the team was forced to say goodbye to 780 managers and other specialists.
This week, Robinhood announced the layoff of another 7% of workers. Chief Financial Officer Jason Warnick told The Wall Street Journal that by cutting staff, management will be able to reduce costs and keep the company running.
Reports of future layoffs come just days after Robinhood’s $95 million acquisition of credit card company X1 was revealed.
In April 2023, the company cut its staff by 9% as a decrease in user activity on its fintech platform led to a reduction in trading turnover and a drop in the value of Robinhood shares on the stock market. As a result, the number of employees has decreased by more than 1,000 since August.
