The job cuts mark the second round of layoffs this year at Robinhood, which in April laid off about 9% of its full-time employees. Together, the two rounds have cut more than 1,000 jobs from the company.
The layoffs come alongside a broader company reorganization, Vlad Tenev, the company’s chief executive, said in a message posted to the company’s blog. In the statement, Mr. Tenev said the previous round of layoffs in April “did not go far enough” in helping the company cut costs.
“Last year, we staffed many of our operations functions under the assumption that the heightened retail engagement we had been seeing with the stock and crypto markets in the COVID era would persist into 2022,” Mr. Tenev said in the message. “In this new environment, we are operating with more staffing than appropriate. As CEO, I approved and took responsibility for our ambitious staffing trajectory—this is on me.”
Here's where most of the layoffs will happen:
In his message Tuesday, Mr. Tenev said the new round of changes at the company are particularly concentrated in its operations, marketing and program management departments.
Leave a Reply