Robinhood platform cuts 23% of staff in sweeping overhaul

Happier times: Robinhood founders Baiju Bhatt and Vlad Tenev celebrate listing the firm on July 29 last year. (Image: Getty)

Bloomberg

Wed, 03 Aug 2022

By Annie Massa Robinhood Markets is eliminating almost a quarter of its workforce and shuttering offices after a punishing first year as a public company.The app-based brokerage dismissed 780 people, or about 23% of staff, and announced the departure of a top executive on Tuesday. Reductions were concentrated in operations, marketing and programme management functions, chief executive Vlad Tenev said in a statement.A pandemic trading boom, including the meme-stock frenzy that drove up shares of GameStop and others, fuelled the firm’s...

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