Robinhood to cut 10% of staff in organizational 'flattening'

Robinhood is cutting 10% of its workforce as it flattens its organizational structure, CEO Vlad Tenev said in a memo. He wrote the company's business "has never been stronger," but said the firm must become leaner as it scales to avoid a "heavily-layered organization." Affected employees were being notified on Tuesday; the company declined to provide additional comment and did not specify which teams are affected.

Tenev said the change aims to maximize "talent density" and ensure the culture is defined by an elite performance bar and a commitment to customers. He added that those departing are being offered "full support through this transition, including severance," and expressed gratitude for their contributions.

The company will "continue hiring strategically," invest in "top-tier talent," and utilize "frontier technologies." The move places Robinhood among tech firms taking part in the so-called "Great Flattening," an effort to cut middle layers and speed decision-making.

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