2 years ago
Nelson Wang is CoinDesk's quality exertion for the East Coast. He holds BTC and ETH supra CoinDesk's disclosure threshold of $1,000.
Popular no-commission trading level Robinhood (HOOD) is cutting astir 9% of its full-time workforce, CEO and co-founder Vlad Tenev announced successful a blog station Tuesday afternoon.
Tenev wrote that passim 2020 and the archetypal fractional of 2021, the institution went done a play of “hyper growth” fueled by pandemic lockdowns, debased involvement rates and authorities fiscal stimulus. Over that clip period, staffing roseate astir six times from 700 to astir 3,800.
That accelerated maturation led to duplicate roles and functions, Tenev wrote, starring to the determination to chopped jobs. “After cautiously considering each these factors, we determined that making these reductions to Robinhood’s unit is the close determination to amended efficiency, summation our velocity, and guarantee that we are responsive to the changing needs of our customers,” Tenev wrote.
He noted that Robinhood volition proceed to present caller cardinal products crossed its brokerage, crypto and spending redeeming divisions.
Shares of Robinhood were trading down 5.5% to $9.50 successful after-hours trading connected Tuesday.
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Nelson Wang is CoinDesk's quality exertion for the East Coast. He holds BTC and ETH supra CoinDesk's disclosure threshold of $1,000.
Nelson Wang is CoinDesk's quality exertion for the East Coast. He holds BTC and ETH supra CoinDesk's disclosure threshold of $1,000.
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