AM I NEXT? NO LOVE AT ROBINHOOD MARKETS

Menlo Park, California-based Robinhood Markets, a financial services company specializing in commission-free trading of stocks, exchange-traded funds, and cryptocurrencies via its mobile app, has announced a major reduction in force, laying off approximately 10% of its workforce.

The reduction in force will impact approximately 290 workers.

According to CEO Vlad Tenev...

Robinhoodies,

We’ve made the difficult decision to say goodbye to some of our team members today. Those departing are being notified, and we’re offering them full support through this transition, including severance. These are good people who helped build the foundation we stand on today, and I am deeply grateful for their contributions to Robinhood.

I want to be transparent about why this is happening now. Robinhood’s business has never been stronger. But to achieve the massive scale of our mission, we cannot default to operating as a heavily-layered organization. We must be a lean, hyper-focused team where every single individual is empowered to make a massive impact. Our execution is strong today, but our ambitions require us to continuously raise our own bar. To achieve that, today we are flattening our org structure and reducing our overall team size by 10% of headcount.

Because our financial position is strong, we are making this change proactively. The goal is to maximize our talent density and ensure that our culture is defined by an absolute elite performance bar and a superlative commitment to our customers. This transition creates even more opportunities for our most talented people to grow and take on greater responsibility. We will also continue hiring strategically, investing heavily in top-tier talent, and utilizing frontier technologies to push our execution even further.

I know it can be painful to say goodbye to teammates. It is the hardest consequence of committing uncompromisingly to our values of being “'Lean & Disciplined'” and demanding “'High Performance.'”

Change is constant, and it's coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, nor promises of a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, at any time, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT BILL HOLDINGS

San Jose, California-based Bill Holdings, a financial technology company providing an AI-enabled, cloud-based software platform that automates accounts payable, accounts receivable, and spend/expense management for small- to midsize businesses, has announced a restructuring and a 30% cost-containment initiative.

According to their SEC filing, "The Company announced that it will reduce its workforce by up to 30%. The Restructuring is part of the Company’s ongoing efforts to improve organizational agility and efficiency, while also seeking to drive greater profitability."

The reduction in force impacts 709 employees.

The company plans to transition to an "AI-native" model to boost permanent profitability and respond to pressures from activist investors.

Change is constant, and it's coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, nor promises of a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, at any time, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT CBOE

Chicago, Illinois-based Cboe Global Markets, a financial exchange owner/operator of a portfolio of exchanges and trading venues across equities, options, futures, and digital assets, has announced a major cost-cutting initiative and a reallocation of assets to core functions.

The new program will affect 20% of its global workforce, including voluntary-retirement packages to older employees, stronger work-from-home policies.

Approximately 334 employees will be impacted.

CEO Craig Donohue noted, “I’ve been trying to reorient the company to be more focused on optimizing growth in our core. This is allowing us to kind of pivot to these new areas of growth. We have a tremendous opportunity in front of us, but realizing it will require us to work more closely together and be incredibly disciplined with our decision-making, priorities, and allocation of capital. We will continue to aspire to be a high-performance, innovation-first, and ownership culture that can operate with the focus, accountability, and agility needed to execute our long-term growth strategy.”

Change is constant, and it's coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, nor promises of a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, at any time, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?