Robinhood is laying off almost a quarter of its staff as the company that rode the coronavirus pandemic-era retail trading boom and promised to revolutionise stockbroking contends with a plummet in customer activity.
The company announced in a blog post on Tuesday that it was slashing its headcount by 23 per cent — or roughly 780 employees — as part of a reorganisation that would also result in the closure of two of its offices.
“We will be parting ways with many incredibly talented people today in an extremely challenging macro environment,” Robinhood co-founder Vlad Tenev wrote on the company’s blog.
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