US stock trading app Robinhood is reportedly laying off around 150 staff, which accounts for 7% of its full-time employees. This marks the third round of layoffs for the company since 2022.
Facts
- Robinhood is laying off approximately 150 staff members, which represents 7% of its full-time workforce.
- This is the third round of layoffs for Robinhood since 2022, following previous layoffs of 9% in April 2022 and 23% in August 2022.
- Robinhood recently acquired credit card platform X1 for $95 million in cash.
- The layoffs are a part of Robinhood’s efforts to adjust to volumes and align team structures, according to an internal memo from the company’s CFO, Jason Warnick.
- The previous round of layoffs in August 2022 was attributed to a broader company reorganization, affecting Robinhood’s operations, marketing, and program management departments.
- In August 2022, Robinhood’s crypto division was fined $30 million by The New York State Department of Financial Services.
- Robinhood spokesperson mentioned that these changes are being made to ensure operational excellence and may involve adjustments based on volume, workload, organizational design, and more.
