Robinhood Trims Workforce Again as Retail Investor Activity Wanes

<p>The decline
in retail investor trading activity has led Robinhood (NASDAQ: <a href="https://www.financemagnates.com/tag/robinhood/" target="_blank" rel="follow">HOOD</a>) to conduct
a third round of layoffs within the past year. The pioneer in commission-free
trading for individual investors announced in an internal memo that the
reductions will involve 7% of staff, approximately 150 people.</p><p>Robinhood Undertakes Third
Round of Job Cuts</p><p>A message
signed by Jason Warnick, the Chief Financial Officer (CFO) of the publicly
traded company, stated that the cuts are necessary to adjust to the current market
volumes.</p><p>By the end
of 2022, Robinhood employed 2300 full-time workers, according to the most
recent annual report. Although this number was significantly higher, Robinhood
dismissed a total of 1,000 people in two separate rounds of layoffs. The first
one took place in April 2022 and concerned 8% of the workforce. The second,
much larger cut, occurred in August and reduced employment numbers <a href="https://www.financemagnates.com/cryptocurrency/robinhood-cuts-its-workforce-by-23-due-to-deterioration-of-the-macro-environment/" target="_blank" rel="follow">by almost 800 personnel</a>
(23%).</p><p>News of the
third round of layoffs at Robinhood was published yesterday (Monday) by The
Wall Street Journal, which obtained access to the company's internal memo. A
Robinhood spokesperson, commenting on the latest reports, said that the company
continually reviews its operations.</p><p>"In
some cases, this may mean teams make changes based on volume, workload,
organizational design, and more," the spokesperson of Robinhood stated in
a written communication.</p><blockquote><p lang="en" dir="ltr">