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."

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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