Robinhood trims 10% of staff, flags $28M restructuring cost

Robinhood Markets, the Menlo Park, California-based retail brokerage, announced cuts equal to about 10% of its workforce and disclosed roughly $28 million in restructuring charges related to the reductions.

The company did not provide an exact headcount beyond the 10% estimate. The disclosed charges cover expenses commonly tied to workforce reductions, including severance, benefits continuation and other employee-related costs.

The company indicated the restructuring costs will be recorded as restructuring expenses on its financial statements but did not specify in which reporting period the expenses will be booked.

The reductions affect employees across the company’s operations. No breakdown was provided for specific teams, offices or countries.

Robinhood was founded in 2013 and is known for commission-free stock and cryptocurrency trading. The firm went public in 2021 and expanded staff during the retail trading surge; the announced cuts follow earlier efforts to align staffing and expenses with business activity.

No additional public comment accompanied the disclosure. Financial filings or later statements are likely to give more detail on timing, accounting treatment and any projected cost savings.