The latest cuts, which will affect 780 employees, continues a massive freefall for the once high-flying online brokerage. And yes, cryptocurrency is involved.
on the company’s website, Robinhood CEO Vlad Tenev said the “deterioration of the macro environment” — notably decades-high inflation coupled with a cryptocurrency crash — has reduced the company’s customer trading activity and assets under custody.report, also released Tuesday, the company showed a 44% drop in revenue from a year ago.
The company’s staffing and operations approach, he added, was tailored for a continuation of the high-growth crypto boom of the pandemic era. “Last year, we staffed many of our operations functions under the assumption that the heightened retail engagement we had been seeing with the stock and crypto markets in the COVID era would persist into 2022,” Tenev wrote in a message to employees. “In this new environment, we are operating with more staffing than appropriate.”
He added: ” As CEO, I approved and took responsibility for our ambitious staffing trajectory — this is on me.” The layoffs will affect employees across all functions of the company, with operations, marketing and program management positions being the hardest hit, he said. The company planned to notify all employees via email and Slack on Tuesday with their status as well as resources if they were affected.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Robinhood to lay off 23% of its workforce, with CEO admitting 'this is on me'Robinhood Markets Inc. plans to cut its staff by 23%, citing the weakening economic environment and depressed trading activity.
Leer más »
Robinhood slashes 23% of its workforce amid trading slumpCEO Vlad Tenev says soaring inflation and cryptocurrency crash is discouraging customers from trading.
Leer más »
Robinhood cutting about 23% of jobs, releases second quarter earningsThe layoffs will mostly be in operations, marketing and program management. CEO Vlad Tenev blamed inflation and a 'broad crypto market crash.'
Leer más »
PGA Tour releases 2022-23 schedule featuring 47 tournaments plus the Presidents CupThe PGA Tour released its schedule for the 2022-23 season, the final go-round of the wrap-around format that starts in the fall and ends in August of the following year.
Leer más »
What’s next after 23 of 24 civil lawsuits settled against Deshaun Watson?This is likely the end of what we will hear from Watson’s accusers, with confidential settlements in all but one case.
Leer más »