In April, the firm slashed 9% of its workforce, which its boss Vlad Tenev said did not go far enough Last year. We staffed many operations functions under the assumption that the heightened retail engagement we had been seeing with the stock andcryptocurrencies markets in the Covid era would continue into 2022, said Mr Tenev.
We are operating with more staffing than appropriate in this new environment. As CEO, I approved and took responsibility for our ambitious staffing trajectory - this is on me. All staff would receive an email and a Slack message with your status - with resources and support if you leave. Robinhoodies in the company would be able to stay in position until October 1st, be given help in searching for another job, and be given assistance in the search for another job.
He said that this news is hard for all Robinhoodies, and that we are also offering wellness support to those who would like it.
The cost of living rising and higher interest rates have hit global markets and has caused cryptocurrencies to fall.
Its monthly active users fell by roughly a third, at 14 million for June 2022 compared to 21.3 million in the second quarter of 2021, according to Reuters.
The online brokerage's mission is to democratise finance for all, but in January 2021 it was hit by a restriction on buying shares in the US games firm GameStop, which caused outrage among Americans buying the company's stock with the aim of pushing up the price.