JUNE 26, 2023 — ROUND THREE: 7% OF STAFF TO BE LAID OFF
The company has announced it is reducing its headcount by 7%, or approximately 150 full-time employees company to balance staff for a slowdown in customer trading activity.
According to a spokesperson, “We’re ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more.
AUGUST 2, 2022 — ROUND TWO: 23% OF STAFF TARGETED IN REORGANIZATION
Robinhood announced a 23% reduction of its workforce citing business conditions and the reduced participation of retail investors who are using its brokerage platform.
Approximately 700 employees were impacted.
Robinhood’s CEO Vlad Tenev noted, “Last year, we staffed many of our operations functions under the assumption that the heightened retail engagement we had been seeing with the stock and crypto markets in the Covid era would persist into 2022. In this new environment, we are operating with more staffing than appropriate. As CEO, I approved and took responsibility for our ambitious staffing trajectory—this is on me. The reality is that we over-hired, in particular in some of our support functions.”
MAY 4, 2022 — Orignal post…
Menlo Park, California-based Robinhood Markets, a financial services company specializing in commission-free trading of stocks, exchange-traded funds, and cryptocurrencies via the company's mobile app, has announced a major reduction in force, approximately laying off about 9% of its workforce.
The reduction in force will impact approximately 300 workers.
CEO and Co-Founder Vlad Tenev noted that business boomed during the pandemic and the company onboarded new hires rapidly leading to over-expansion and duplicative functions.
"This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal. 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."
"While the decision to undertake this action wasn’t easy, it is a deliberate step to ensure we are able to continue delivering on our strategic goals and furthering our mission to democratize finance.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?