The retail trading platform Robinhood Markets Inc., which went through a hyper-growth period boosted by the meme stock frenzy during the COVID-19 pandemic, is experiencing a pullback and laying off 9% of its full-time employees.
The company's total headcount was 3,800 at the end of 2021.ROBINHOOD CFO DOESN’T PLAN TO PUT ‘MEANINGFUL AMOUNT’ OF CASH INTO CRYPTO ASSETS
"This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal," said Teney. "After carefully considering all these factors, we determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers.
The company announced plans in March to extend trading hours for customers an extra six-and-a-half hours of trading daily. "We will continue to accelerate our product momentum through 2022 and will introduce key new products across brokerage, crypto and spending/saving," said Tenev.
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