Robinhood lays off almost a quarter of staff

Robinhood will cut jobs for the second time this year. On Tuesday, the company will lay off his 23% of its workforce. CEO Vlad Tenev said the cuts will affect every part of his Robinhood business, but will primarily target the company’s “operations, marketing and program management functions.”

Teneb pointed to the deteriorating macro environment as a major factor in the company’s recent woes, pointing to record inflation and a cryptocurrency crash. Additionally, he acknowledged that the company overhired last year, assuming retail investors would continue to trade stocks and crypto assets at rates they had in the early stages of the pandemic. Prior to his April of Robinhood, the company had about 3,800 employees. “As CEO, I have endorsed and taken responsibility for an ambitious staffing trajectory, which is my responsibility,” he said.

On Tuesday, Robin Hood is also a day ahead of schedule. The company reported a net loss of $295 million after revenue fell 44% year-over-year to $318 million.

In a letter to employees, Teneff said Robinhood would move to an organizational model in which a general manager oversees broad parts of the company’s operations. will be reduced and redundant roles and positions will be removed,” he argued. Tenev added that Robinhood will notify affected employees via Slack and email. You can stay with the company until October 1, 2022.

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