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On June 26, Robinhood Markets said it was cutting about 7%, or 150, of its full-time employees. The move comes at a time when the company is grappling with a lack of customer engagement. It states:
“We are working closely together on an ongoing basis to ensure operational excellence. In some cases, this may mean that teams make changes based on volume, workload.”
This is not the first time Robinhood has cut staff, with 23% cut in August 2022 and a total of 1,000 job losses last year.
Robinhood has lost interest
The company grew in popularity during the pandemic and lockdown when the massive millennial customer base turned to trading meme stocks and cryptos. It had over 21 million monthly active users during the first quarter of 2021, which was its best-performing quarter.
However, by May 2023, this figure was halved to around 11 million monthly active users. Furthermore, revenue from transaction fees dropped 5% year-over-year in Q1, 2023 and was half of what it was in Q1, 2021.
According to the report, the latest batch of layoffs affected roles in customer experience, and platform shared services, customer trust, and security and productivity. WSJ,
This latest round of layoffs comes less than a week after Robinhood agreed to acquire credit-card startup X1 in a $95 million cash deal.
The company is seeking to diversify after delisting several digital assets this month in the wake of a regulatory assault on the industry.
According to Forbes, Robinhood isn’t the only large financial company to cut staff this year.
Goldman Sachs is reportedly laying off 125 managing directors over the past 12 months in its latest round of job cuts. Additionally, Big Four accounting firm KPMG plans to cut 5% of its workforce. informed of,
US crypto and tech layoffs continue
Sort by tracker, payments platform Payoneer laid off 10% of its workforce, or 200 people, this week. The company, which went public in June 2021, has been facing headwinds in recent months due to the macroeconomic situation.
On June 14, Bitwise laid off all 900 of its employees and Binance.US is letting go employees this month amid action from the US Securities and Exchange Commission.
Additionally, crypto tax software startup TaxBit cut nearly 40% of its workforce earlier this month as the war on crypto continues to cripple US companies.
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
On June 26, Robinhood Markets said it was cutting about 7%, or 150, of its full-time employees. The move comes at a time when the company is grappling with a lack of customer engagement. It states:
“We are working closely together on an ongoing basis to ensure operational excellence. In some cases, this may mean that teams make changes based on volume, workload.”
This is not the first time Robinhood has cut staff, with 23% cut in August 2022 and a total of 1,000 job losses last year.
Robinhood has lost interest
The company grew in popularity during the pandemic and lockdown when the massive millennial customer base turned to trading meme stocks and cryptos. It had over 21 million monthly active users during the first quarter of 2021, which was its best-performing quarter.
However, by May 2023, this figure was halved to around 11 million monthly active users. Furthermore, revenue from transaction fees dropped 5% year-over-year in Q1, 2023 and was half of what it was in Q1, 2021.
According to the report, the latest batch of layoffs affected roles in customer experience, and platform shared services, customer trust, and security and productivity. WSJ,
This latest round of layoffs comes less than a week after Robinhood agreed to acquire credit-card startup X1 in a $95 million cash deal.
The company is seeking to diversify after delisting several digital assets this month in the wake of a regulatory assault on the industry.
According to Forbes, Robinhood isn’t the only large financial company to cut staff this year.
Goldman Sachs is reportedly laying off 125 managing directors over the past 12 months in its latest round of job cuts. Additionally, Big Four accounting firm KPMG plans to cut 5% of its workforce. informed of,
US crypto and tech layoffs continue
Sort by tracker, payments platform Payoneer laid off 10% of its workforce, or 200 people, this week. The company, which went public in June 2021, has been facing headwinds in recent months due to the macroeconomic situation.
On June 14, Bitwise laid off all 900 of its employees and Binance.US is letting go employees this month amid action from the US Securities and Exchange Commission.
Additionally, crypto tax software startup TaxBit cut nearly 40% of its workforce earlier this month as the war on crypto continues to cripple US companies.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
