Robinhood to lay off 7% of full-time employees


Online broker Robinhood will cut staff by 7%. The Wall Street Journal writes about this, citing an internal message from the company.

The decision will affect about 150 employees. This will be the third wave of layoffs in Robinhood over the past year.

As of the end of 2022, the company employed 2,300 specialists. The staff was reduced by more than 1000 positions.

“State optimization is necessary to adjust to the volume [операций] and better agree on the team structure“, the message says.

At the end of June, the volume of cryptocurrency trading on the company’s platform was 68% lower than the values ​​of the corresponding period in 2022 ($2.1 billion).

ForkLog previously reported that in the first quarter of 2023, Robinhood’s cryptocurrency revenue dropped by 30%.

From June 27, the online broker will stop supporting Cardano, Polygon and Solana cryptocurrencies.

Recall that the other day Robinhood entered into an agreement to purchase the X1 platform, which issues a free credit card with cashback. The transaction will cost approximately $95 million.

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