Robinhood cutting workforce by 23%

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      justinedenson
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      <br>By Hannah Lang<br> <br>Aug 2 (Reuters) – Retail trading platform Robinhood Markets Inc said on Tuesday it is laying off about 23% of its employees, sending its shares down more than 3% in extended trading.<br> <br>The company is also changing its organizational structure to “drive greater cost discipline,” Robinhood Chief Executive Officer Vlad Tenev said in a blog post website <br>Robinhood had already slashed 9% of its workforce in April, saying the company’s growth had led to some duplicate roles and job functions.

      Tenev said Tuesday that those cuts did not go far enough.<br> <br>”As CEO, I approved and took responsibility for our ambitious staffing trajectory – this is on me,” Tenev said.<br> <br>Robinhood’s easy-to-use interface made it a hit among young investors trading from home on cryptocurrencies and stocks such as GameStop Corp during the COVID-19 pandemic.<br> <br>However, the company has posted declines in revenue as its customer base has been spooked by rising interest rates and decades-high inflation.<br> <br>(Reporting by Hannah Lang in Washington Editing by Chris Reese and Lisa Shumaker)<br>

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