Robinhood to Lay Off 7% of Staff
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In August 2022, Robinhood, a fintech company, made the unfortunate announcement that 780 employees would be laid off, a reduction of 23%.
Despite this, Chief Financial Officer Jason Warnick confirmed to The Wall Street Journal that cutting staff was essential in keeping the company running and striving for more profitable operations.
This announcement came shortly after the acquisition of X1, a credit card company, for the sum of $95 million.
However, by April 2023, it became evident that Robinhood needed to let go of an additional 7%.
This was due to a decrease in user activity and trading on their platform which caused Robinhood’s stock value to decline. Consequently, since August, Robinhood has gone on to reduce its staff by 1,000.
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