Robinhood lays off 10% of staff to flatten its organizational structure

In a Securities and Exchange Commission (SEC) filing on Tuesday, Robinhood said it would cut 10% of its full-time workforce of 2,900 and close a “small number” of open roles. The Menlo Park, California-based financial services platform is joining the ranks of companies that have flattened middle management roles to save costs and slim out bureaucracy. Robinhood CEO Vlad Tenev sent an internal email to staff regarding the layoffs, which the company posted on X. “I want to be transparent about why this is happening now,” Tenev said in the memo. “Robinhood’s business has never been stronger. B...