In its third wave of layoffs in less than a year, online trading business Robinhood Markets will reportedly lay off approximately 150 full-time employees – 7% of its overall workforce.
Robinhood Chief Financial Officer Jason Warnick reportedly said in an internal business memo seen by The Wall Street Journal that the changes were made to “adjust to volumes and better align team structures.”
The alleged layoffs come only five days after Robinhood paid $95 million for credit card company X1.
Last year, Robinhood reduced its total personnel by 9% in April and laid off 23% of its remaining employees in August due to a fall in trading volume and lower equities and cryptocurrency prices, which caused profit margins to contract.