Robinhood laying off 9% of its staff

Stock trading platform operator Robinhood Markets Inc. announced it would lay off 9% of its full-time employees.

The company had 3,800 employees at the end of 2021.

"This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal," Robinhood CEO Vlad Tenev said. "After carefully considering all these factors, we determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity and ensure that we are responsive to the changing needs of our customers."

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