Trading platform Robinhood cuts 10% of workforce to flatten management layers

Robinhood said on Tuesday it would cut 10% ⁠of its full-time workforce, or about 290 roles, as the trading platform seeks to operate ​more efficiently by flattening ​management layers. The move ​comes as companies across sectors continue to scrutinize headcount and management structures, with many executives arguing that leaner organizations make decisions faster and deploy resources more ⁠effectively. "Robinhood's ‌business has never been stronger," CEO Vlad ⁠Tenev said in a note to employees shared on social media platform X. "We cannot default to operating as a heavily-layered organization. We must be a lean, hyper-focused team," he ‌added. Shares of Robinhood were up nearly 3% in premarket trading. The stock is down 13% for the year through Monday's close. The ​company expects to incur restructuring charges of about $20 million for employee severance and benefits costs, as well as roughly $8 million in share-based compensation expenses. It expects to recognize the charges in the ⁠second quarter and will close the small number of remaining open roles. The Menlo ‌Park, California-based company had about 2,900 full-time employees as ‌of December 31, a regulatory filing showed. Robinhood said it is taking the action "from a position of business strength," citing June month-to-date average daily trading volumes at ⁠record levels across equities, options and prediction markets. …