Robinhood is resizing headcount of employees by another 23%, citing "additional deterioration of the macro environment."
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Robinhood CEO, Vlad Tenev, wrote on a blog post that the latest change affects not only operations department, but also marketing and program management functions. He added:
"Earlier this year, I announced that we would be letting go of 9% of our workforce and focusing on greater cost discipline throughout the organization. This did not go far enough."
Tenev sees new inflation highs as another reason for the change. Although Tenev didn't go into details, he admitted that trading activity on the platform has been reduced lately, adding that the firm is "operating with more staffing than appropriate."
Earlier this year, Robinhood already laid off 9% of the team, citing the company's rapid headcount growth, which eventually led to duplicate roles and complexity. The Robinhood CEO said back then that those reductions were the "right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers."
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