Robinhood Cutting About 9% of Full-Time Employees

Retail brokerage firm Robinhood is cutting back staffing levels, citing "duplicate roles and job functions" after rapid expansion last year. From a report: CEO Vlad Tenev made the announcement in a blog post on Tuesday afternoon. Shares fell more than 5% in extended trading. The move will affect about 9% of full-time employees. Robinhood reported 3,800 full-time employees as of Dec. 31. The company declined to give more detail on the exact number of employees being let go. "We determined that making these reductions to Robinhood's staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers," Tenev wrote. "While the decision to undertake this action wasn't easy, it is a deliberate step to ensure we are able to continue delivering on our strategic goals and furthering our mission to democratize finance," he added.

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