Robinhood has announced plans to cut about 290 jobs, or roughly 10% of its full-time workforce, while recording approximately $28 million in related charges as the online brokerage moves to simplify its management structure. Summary Robinhood will cut about 290 jobs, or 10% of its workforce, as the company reduces management layers and closes remaining open roles. The trading platform expects roughly $28 million in restructuring related costs and said record June trading volumes support the move. The workforce reduction comes months after weaker crypto activity weighed on Robinhood’s first quarter results and profit. According to Robinhood, the layoffs are part of an effort to operate more efficiently by reducing layers of management and creating a leaner organization. The company said it will also close the small number of remaining open positions. In a message to employees shared on X, Robinhood Chief Executive Officer Vlad Tenev said the company was entering the restructuring from a position of strength. Our CEO Vlad Tenev shared the following note with our team at Robinhood today:Robinhoodies,We’ve made the difficult decision to say goodbye to some of our team members today. Those departing are being notified, and we’re offering them full support through this transition,…— Robinhood Comms (@RobinhoodComms) June 16, 2026 “Robinhood’s business has never been stronger,” Tenev wrote, adding that the company could not continue operating as a heavily layered organization and needed to remain focused. “Because our financial position is strong, we are making this change proactively. The goal is to maximize our talent density and ensure that our culture is defined by an absolute elite performance bar and a superlative commitment to our customers […] We will also continue hiring strategically, investing heavily in top-tier talent, and utilizing frontier technologies to push our execution even further.” Investor reaction was positive, with Robinhood shares rising nearly 3% in premarket trading. Despite the gain, the stock had fallen 13% this year through Monday’s close. Source: Google Finance. A regulatory filing cited by the company showed Robinhood employed about 2,900 full-time workers as of Dec. 31. Management expects to book around $20 million in severance and employee benefit costs, along with roughly $8 million in share-based compensation expenses. The charges are expected to be recognized during the second quarter. Trading activity rebounds after weak first quarter While announcing the workforce reduction, Robinhood pointed to strong trading activity across its platform. The company said June month-to-date average daily volumes had reached record levels in equities, options, and prediction markets. Those figures stand in contrast to conditions earlier this year. During its first-quarter earnings report in April, Robinhood missed Wall Street profit expectations as weaker cryptocurrency trading weighed on results. Revenue from cryptocurrency trading fell 47% year over year to $134 million in the January-to-March period, while transaction-based revenue of $623 million came in below analyst estimates, according to the company’s earnings report. Several analysts identified crypto trading as a major source of pressure during the quarter. Morningstar described the segment as a “particular pressure point,” while Raymond James analysts said trading volumes had become uneven and showed signs of retail investor fatigue. At the time, Robinhood also faced a more difficult operating environment as cryptocurrency prices declined and retail participation slowed. Analysts at KBW noted that competition across the crypto trading industry was intensifying, with both digital asset exchanges and traditional financial firms expanding their offerings. Market conditions have improved since then. Robinhood cited easing tensions in the Middle East and strength in equity markets as factors supporting retail trading activity in recent months. To reduce its exposure to swings in trading volumes, the company has continued expanding beyond its core brokerage business. Retirement accounts, wealth management services, and credit card products have become part of Robinhood’s effort to build additional sources of revenue that are less dependent on market activity. Earlier this month, Robinhood expanded its international footprint by launching stock and options trading services in Canada through its acquisition of Canadian crypto platform WonderFi. The move brought the company’s investing products to Canadian users for the first time and added to its efforts to grow beyond its core U.S. retail trading business.
