Robinhood to lay off 'approximately 23%' of employees

Quick Take

  • Robinhood said Tuesday that it will lay off approximately 23% of its team, across all business functions.
  • The move comes ahead of its Q2 earnings release.
  • Robinhood laid off about 9% of staff last quarter.

Stock trading app Robinhood announced a fresh round of layoffs Tuesday.

"As part of a broader company reorganization into a General Manager (GM) structure, I just announced that we are reducing our headcount by approximately 23%. While employees from all functions will be impacted, the changes are particularly concentrated in our operations, marketing, and program management functions," Vlad Tenev, CEO of Robinhood, said in a blog post. 

Later in the post, Tenev described the organization reworking as one moving toward "a General Manager (GM) structure, where GMs will assume broad responsibility for our individual businesses."

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Robinhood held a round of layoffs this spring, just ahead of its Q1 earnings release. 

Earlier Tuesday, Robinhood's crypto arm was hit with a $30 million fine by New York's financial sector regulators for allegedly failing to comply with anti-money laundering and cybersecurity regulations.


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