In line with WSJ:
The job cuts mark the second spherical of layoffs this yr at Robinhood, which in April laid off about 9% of its full-time workers. Collectively, the 2 rounds have reduce greater than 1,000 jobs from the corporate.
The layoffs come alongside a broader firm reorganization, Vlad Tenev, the corporate’s chief government, mentioned in a message posted to the corporate’s weblog. Within the assertion, Mr. Tenev mentioned the earlier spherical of layoffs in April “didn’t go far sufficient” in serving to the corporate reduce prices.
“Final yr, we staffed a lot of our operations features below the belief 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 mentioned within the message. “On this new setting, we’re working with extra staffing than acceptable. As CEO, I accepted and took duty for our formidable staffing trajectory—that is on me.”
This is the place many of the layoffs will occur:
In his message Tuesday, Mr. Tenev mentioned the brand new spherical of adjustments on the firm are significantly concentrated in its operations, advertising and marketing and program administration departments.
