SAN FRANCISCO (KCBS RADIO) – Menlo Park-based company, Robinhood is letting go 23% of its staff as part of a "broader company reorganization."
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All employees could be impacted but the operations, marketing and program management departments will see the most change, Robinhood said in a blog post.
In April the company announced they would be letting go 9% of employees and focusing on "greater cost discipline" throughout the company, the company said in a blog. Since then inflation is at a 40-year high and a crypto market crash affected the company’s macro environment, the company reported.
In 2021, the company hired many people for their operations functions department with the assumption of the stock and crypto markets persisting in 2022. They are currently operating with more staff than they need.
Robinhood employees will receive an email and a slack message with their work status. Those being let go will get the option to stay with the company until Oct. 1 and receive their regular pay and benefits, the company said. They will also be offered a cash severance for their medical and dental insurance and the company will provide job search assistance.
Each employee being let go will be able to have a meeting to discuss their specific situation.
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