New York Department of Financial Services
‘This is on me’ — Robinhood CEO to lay off 23% of staff after Q2 loss
Online brokerage firm Robinhood will lay off nearly a quarter of its employees, citing a continued deterioration of the macro environment and a broad crypto market crash. The bad news came in a Tuesday blog post from co-founder and CEO Vlad Tenev, on the same day the firm released tepid Q2 financial results and the New York State Department of Financial Services announced a $30 million fine for the company’s crypto branch due to alleged Anti-Money Laundering, cybersecurity and consumer protection violations. Tenev wrote that the layoffs would impact all functions in the company, particularly operations, marketing, and program management, with around 23% of the staff let go. The Financial Times estimated the number of employees impacted to be around 780. “Departing Robinhoodies ...
