https://blog.robinhoo.com/ (add the d to the end)
Robinhood CEO Vlad Tenev shared the below to Robinhood employees following a company-wide meeting to discuss the changes.
Today we made the difficult announcement that we are letting go approximately 9% of our full-time employees. While this decision was necessary, it was not one we undertook lightly, and I’d like to share our rationale.
As you know, throughout 2020 and H1 2021, we went through a period of hyper growth accelerated by several factors including pandemic lockdowns, low interest rates, and fiscal stimulus. We grew net funded accounts from 5M to 22M and revenue from ~$278M in 2019 to over $1.8B in 2021. To meet customer and market demands, we grew our headcount almost 6X from 700 to nearly 3800 in that time period.
This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal. After carefully considering all these factors, 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.
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