Robinhood lays off 150 employees

Robinhood lays off 150 employees

Stock trading app Robinhood has laid off another seven per cent of its workforce, about 150 employees, according to the Wall Street Journal.

With trading volumes down, the firm made the cuts to “better align team structures,” says the WSJ, citing an internal message from CFO Jason Warnick.

Those affected work in customer experience and platform shared services; customer trust and safety; and safety and productivity.

This is the third round of cuts Robinhood has made in little over a year. The company laid off nine per cent of its workforce last April before axing another 23% last August citing macroeconomic conditions and the cryptocurrency market's crash. In total, around a thousand people have lost their jobs.

Last week, the firm agreed to buy credit card startup X1 for about $95 million in cash.

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