Lack of learning-disability nurses in UK is an ‘absolute crisis’, says union
UK's learning-disability nursing workforce has dropped by a third, leading to inadequate care for vulnerable adults.
The Guardian World1 min read
Robinhood slashes workforce by 10 percent amid restructuring
TL;DR
Robinhood is cutting 10% of its workforce, equating to 290 employees, as part of a restructuring effort to streamline operations. The company aims to become a leaner organization despite CEO Vlad Tenev stating that its business is strong.
Key points
- Robinhood is cutting 10% of its workforce
- 290 employees will be laid off
- The company aims to streamline operations
- CEO Vlad Tenev emphasizes a leaner organization
- Restructuring will cost $28 million in Q2
Mentioned in this story
RobinhoodVlad TenevMenlo Park, California
Robinhood will reduce its headcount by 10 percent, accounting for 290 employees, amid ambitions to streamline operations.
The trading platform announced the cuts on Tuesday as it restructures in an effort to deploy resources across the company. In addition to the cuts, the company, which has a headcount of about 2,900 employees, will close a handful of open job listings.
“We cannot default to operating as a heavily-layered organization. We must be a lean, hyper-focused team,” CEO Vlad Tenev said in a note to employees shared on the social media platform X.
“Robinhood’s business has never been stronger,” Tenev, who, according to the AFL-CIO’s CEO pay tracker, made seven times more than the average employee in 2024, said in the post.
The Menlo Park, California-based company expects that the restructuring will cost it $28m in the second quarter.
AI-driven efficiency was not the main driver of the reduction, as Robinhood has long been aggressively leveraging artificial intelligence across the organisation, Citizens JMP Securities analyst Devin Ryan wrote in a note.
“We do see a broader dynamic where technology is enabling the company to operate with a flatter, more productive structure.”
Robinhood said it is taking the action “from a position of business strength”, citing June month-to-date average daily trading volumes at record levels across equities, options and prediction markets.
In April, Robinhood missed expectations for first-quarter profit as crypto-driven volatility weighed on trading activity. Market conditions have since improved, with easing Middle East tensions and strong equity markets supporting retail trading activity.
Retail investors, often referred to as mom-and-pop traders, tend to pull back during periods of heightened volatility.
To reduce its reliance on trading activity, which can fluctuate with market sentiment, Robinhood has expanded into a broader financial services platform in recent years.
On Wall Street, Robinhood’s stock is down 2.9 percent in midday trading.
Q&A
Why is Robinhood reducing its workforce by 10 percent?
Robinhood is reducing its workforce to streamline operations and deploy resources more effectively across the company.
How many employees will be affected by Robinhood's layoffs?
The layoffs will affect 290 employees, which is 10 percent of Robinhood's total workforce of about 2,900.
What is the expected cost of Robinhood's restructuring?
Robinhood expects the restructuring to cost approximately $28 million in the second quarter.
