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Trading app Robinhood is laying off nearly a quarter of its staff, citing macroeconomic conditions and the cryptocurrency market's crash.
The move, which will leave Robinhood with about 2600 employees, comes just months after the fintech giant said it would axe nine per cent of its staff, which CEO Vlad Tenev now concedes "did not go far enough".
"As CEO, I approved and took responsibility for our ambitious staffing trajectory - this is on me," writes the CEO. In addition to the job cuts, Robinhood is moving to a general manager structure in order to "flatten hierarchies, reduce cross-functional dependencies, and remove redundant roles and positions".
https://www.finextra.com/newsarticle/40757/robinhood-axes-23-of-staff
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