Robinhood Markets to chop its workforce by 9%

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Retail shopping for and promoting platform Robinhood Markets Inc talked about on Tuesday it’s shedding about 9% of its full-time staff, sending its shares down 5% in extended commerce.

The company, which is reporting its quarterly outcomes later this week, talked about the quick headcount improvement has led to some duplicate roles and job options.

As of Dec. 31, the company’s complete headcount was 3,800.

Robinhood’s easy-to-use interface has made it profitable amongst youthful merchants shopping for and promoting from home on cryptocurrencies and “meme” shares resembling GameStop through the COVID-19 pandemic.

“We’ll proceed to hurry up our product momentum by 2022 and might introduce key new merchandise all through brokerage, crypto and spending/saving,” Chief Govt Officer Vlad Tenev wrote in a blogpost.

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