The layoffs at Robinhood followed a ballooning period of stock trading and hiring at the company during the Covid-19 pandemic, Insider previously reported. The company cited these earlier layoffs as necessary to cut costs and eliminate duplicate roles that resulted from the company undergoing rapid hiring. In 2022, Robinhood went through two rounds of layoffs in April and August which axed more than a thousand positions of its then 3,800 employees. This marks the third workforce reduction the company has undergone since last year. The spokesperson did not respond to Insider's questions asking about how many employees would face layoffs, and what positions would be impacted. In some cases, this may mean teams make changes based on volume, workload, org design, and more." a Robinhood spokesperson told Insider in an emailed statement. "We're ensuring operational excellence in how we work together on an ongoing basis. Robinhood's Chief Financial Officer Jason Warnick, wrote that the layoffs were done to "adjust to volumes and to better align team structures," according to an internal company message obtained by the Journal. The job cuts will amount to about 7% of Robinhood's workforce - adding to the more than a thousand jobs the company has cut since last year. Robinhood, a stock-trading app, is laying off around 150 of its full-time employees, The Wall Street Journal first reported.
Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images Robinhood will cut around 150 jobs through its recent wave of layoffs. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators." "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the Binance statement continued.
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The statement came after a series of tweets from independent journalist Colin Wu on May 31 that indicated forthcoming layoffs at the company. "As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the spokesperson said. The cuts, which are ongoing, could whittle down Binance's staff by at least a third, a person familiar with the cuts told the Journal.Įven before the SEC's suit the exchange was considering staff cuts to prepare for the next bull cycle and evaluate its "talent density," a Binance spokesperson told Insider. The cuts come after the SEC filed a lawsuit against the company last month, alleging that it operated as an unlicensed crypto exchange. It often indicates a user profile.īinance, one of the world's largest cryptocurrency exchanges by volume, has cut over 1,000 people from its workforce in recent weeks, the Wall Street Journal reports. Account icon An icon in the shape of a person's head and shoulders.
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