Robinhood Cuts 10% of Workforce, or 290 Roles, on June 16 Efficiency Drive

According to Reuters, Robinhood announced on June 16 that it would cut about 10% of its full-time workforce, or approximately 290 roles, in an efficiency push to reduce management layers and work more efficiently. The Menlo Park-based trading platform expects about US$28 million in second-quarter restructuring charges. Robinhood shares fell 2.5% in afternoon trading following the announcement.
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