Retail brokerage app Robinhood has announced plans to lay off approximately 9 percent of its workforce after a period of “hyper growth.” Robinhood CEO Vlad Tenev shared the news with employees in a message issued after a company-wide meeting on Tuesday. The company grew significantly amid a surge in the popularity of retail stock and cryptocurrency trading that erupted during the early days of the COVID-19 pandemic. Tenev said that the decision to lay off 9 percent of around 3,800 employees—roughly 340 people—was not made “lightly” but was required due to the company’s expansion causing “duplicate” jobs and other less than “optimal” conditions. “Throughout 2020 and H1 2021, we went through a period of hyper growth accelerated by several factors,” Tenev wrote in his message to employees . “To meet customer and market demands, we grew our headcount almost 6X from 700 to nearly 3800 in that time period.” “We determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers,” he continued. “It is a deliberate step to ensure we are able to continue delivering on our strategic goals… Read full this story
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