Robinhood cuts 10 percent of staff in restructuring

Robinhood is cutting about 290 jobs, roughly 10 percent of its workforce of some 2,900, Al Jazeera reported . CEO Vlad Tenev said the company was acting “from a position of business strength” and needed to become “a lean, hyper-focused team” rather than a “heavily-layered organization.” The restructuring will cost about $28 million in second-quarter expenses, and Robinhood will also close several open positions.

The cuts come despite what Tenev called record trading volumes in equities, options, and prediction markets during June — a sign the layoffs are about management structure and margins rather than a downturn. Shares fell about 2.9 percent after the announcement.

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