Robinhood to Lay Off 10% of Workforce in Restructuring

Robinhood Markets HOOD -1.44%decrease; down pointing triangle said Tuesday it will slash 10% of its workforce, its first major layoff in three years, in a bid to keep the brokerage firm lean and “maximize its talent density.”  

The cutbacks will eliminate about 290 jobs. In a note to employees, Chief Executive Officer Vlad Tenev wrote Tuesday that Robinhood’s business has never been stronger.