Robinhood Markets HOOD is cutting about 7% of its full-time staff, the online brokerage’s third round of layoffs in just over a year as the company adjusts to a slowdown in customer trading activity.
About 150 employees are being laid off, according to an internal company message seen by The Wall Street Journal.
The layoffs were made to “adjust to volumes and to better align team structures,” Chief Financial Officer Jason Warnick said in the message.
Robinhood cut more than 1,000 jobs in two rounds of layoffs last year. As of the end of 2022, Robinhood had about 2,300 full-time employees, according to its annual report.
Read the full story on The Wall Street Journal here.