Robinhood has announced that it will be laying off more workers, barely three months after it laid off 9 percent of staff.
This announcement, made in a blog post by the firm will give particular concentration to the company’s operations, marketing, and program management functions.
“As part of a broader company reorganization into a General Manager (GM) structure, I just announced that we are reducing our headcount by approximately 23 percent,
“In this new environment, we are operating with more staffing than appropriate. As CEO, I approved and took responsibility for our ambitious staffing trajectory — this is on me,” Robinhood.CEO and co-founder, Vlad Tenev said yesterday.
According to Tenev, the broad crypto market crash coupled with inflation has greatly affected the operations of the company since the last layoff was carried out.
“This has further reduced customer trading activity and assets under custody,” Tenev said.