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Robinhood Markets Cuts 23% of Staff in Sweeping Overhaul

  • Cuts concentrated in operations, marketing, program management
  • Brokerage also reports a $295 million loss for second quarter
Bloomberg business news
Robinhood Slashes Workforce in Broad Reorganization
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Robinhood Markets Inc. is eliminating almost a quarter of its workforce and shuttering offices after a punishing first year as a public company.

The app-based brokerage dismissed 780 people, or about 23% of staff, and also announced the departure of a top executive Tuesday. Reductions were concentrated in operations, marketing and program management functions, Chief Executive Officer Vlad Tenev said in a statement.