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Author Topic: Robinhood Layoffs 7% of Full-Time Employees  (Read 470 times)


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Robinhood Layoffs 7% of Full-Time Employees
« on: June 27, 2023, 08:13:21 AM »
Online brokerage firm Robinhood Markets will reportedly lay off roughly 150 full-time staff — 7% of its total workforce — in its third round of layoffs in just over a year.

Roughly 150 full-time employees are being laid off, according to internal company messages.

According to an internal company message seen by The Wall Street Journal, Robinhood Chief Financial Officer Jason Warnick reportedly wrote that the cuts were being made to “adjust to volumes and to better align team structures.”

A Robinhood spokesperson did not confirm or deny the layoffs in comments to Cointelegraph, but stated:
“We’re ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more.”

New Developments -
The company plans to implement changes based on factors such as volume and workload. In an effort to address weaknesses in its trading unit, Robinhood recently acquired financial technology firm X1 for $95 million in cash.

At its peak in the second quarter of 2021, Robinhood boasted 21.3 million active users and more than $565 million in revenue. Things have soured for the brokerage firm of late, with Robinhood’s Q1 2023 results showing a 44% decline in monthly active users and a 30% year-over-year decline in revenue. Robinhood shares are currently changing hands for $9.63, up 18% for the year despite having fallen more than 82% from its all-time-high, notched in August 2021.

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