Robinhood reducing about 23% of jobs : shares

In keeping with WSJ:

The job cuts mark the second spherical of layoffs this 12 months at Robinhood, which in April laid off about 9% of its full-time workers. Collectively, the 2 rounds have lower greater than 1,000 jobs from the corporate.

The layoffs come alongside a broader firm reorganization, Vlad Tenev, the corporate’s chief government, stated in a message posted to the corporate’s weblog. Within the assertion, Mr. Tenev stated the earlier spherical of layoffs in April “didn’t go far sufficient” in serving to the corporate lower prices.

“Final 12 months, we staffed lots of our operations capabilities below the idea that the heightened retail engagement we had been seeing with the inventory and crypto markets within the COVID period would persist into 2022,” Mr. Tenev stated within the message. “On this new setting, we’re working with extra staffing than applicable. As CEO, I authorised and took duty for our bold staffing trajectory—that is on me.”

Here is the place a lot of the layoffs will occur:

In his message Tuesday, Mr. Tenev stated the brand new spherical of adjustments on the firm are notably concentrated in its operations, advertising and marketing and program administration departments.