Online broker Robinhood has announced plans to reduce its workforce by approximately 23% amid a deteriorating macroeconomic environment and negative developments in the cryptocurrency market, the company CEO Vlad Tenev has said.
According to him:
“In these new conditions, we are working with more staff than necessary. As CEO, I have endorsed and taken responsibility for our ambitious talent trajectory.”
According to him, layoffs will affect employees in all departments, including about 780 people.
The company CEO has also announced adjustments to the online broker’s organizational structure. The changes should “smooth out the hierarchy” and remove “redundant roles and titles.”