Robinhood cuts 290 jobs while saying business has ‘never been stronger'

The company disclosed the layoffs Tuesday in a securities filing, saying the cuts were intended to "maintain a high performance culture," speed up product development and keep the company "lean and disciplined."

Robinhood also said it would not fill a small number of open roles across the company.

In the filing, the company said June month-to-date average daily trading volumes were at record levels across equities, options and prediction markets.

The company had 2,900 full-time employees as of Dec. 31, according to its most recent annual report. A 10% reduction would amount to about 290 employees.

Robinhood did not publicly identify which teams, offices or regions would be affected.

CEO Vlad Tenev told employees in a note shared publicly by the company that departing workers were being notified Tuesday and would receive severance.

"These are good people who helped build the foundation we stand on today, and I am deeply grateful for their contributions to Robinhood," Tenev wrote.

The company expects to record about $28 million in restructuring costs in the second quarter, including about $20 million for employee severance and benefits and about $8 million tied to share-based compensation.

Robinhood, which became one of the best-known consumer trading platforms for retail investors, has been expanding beyond stock and options trading into crypto, retirement products, credit cards and prediction markets.

In May, the company reported 27.7 million funded customers and $377 billion in platform assets.

Unlike some companies that have tied recent layoffs directly to artificial intelligence, Robinhood's securities filing did not cite AI as a reason for the cuts. Tenev's note said only that the company would use "frontier technologies" to improve execution.

The company cut 9% of full-time employees in April 2022, followed by a larger 23% reduction that August as trading activity slowed after the pandemic-era surge. It reportedly cut another 7% of employees in 2023.

Tenev said Tuesday's cuts were part of an effort to raise the company's performance expectations and "maximize our talent density."

"I know it can be painful to say goodbye to teammates," he wrote. "It is the hardest consequence of committing uncompromisingly to our values of being ‘Lean & Disciplined' and demanding ‘High Performance.'"

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This story was originally published June 16, 2026 at 10:41 AM.