Online broker Robinhood will lay off 23% of employees. This decision was announced by the CEO and co-founder of the company Vlad Tenev in a corporate blog.
The decision was made against the backdrop of a deteriorating macroeconomic environment “with record inflation in 40 years” and “the collapse of the cryptocurrency market”, which caused a reduction in client activity.
Most of the layoffs are planned in the operations and marketing departments, as well as in the program management division.
In April, the online broker announced a 9% cut in staff. Robinhood has cut more than 1,000 jobs since the beginning of 2022.
In Q2, Robinhood reported a 34% year-over-year decline in the platform’s monthly active users to 14 million in June. Revenue decreased 44% to $318 million.
Earlier, the OpenSea NFT marketplace announced the layoffs of 20% of staff amid the crypto market crash and economic instability. Cryptocurrency exchange Coinbase also announced an 18% staff cut in June.
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