Last Updated on October 3, 2022 by Bitfinsider
Robinhood Markets Inc announced on Friday the closure of five more offices as part of a larger program to change its organizational structure announced in August.
According to a regulatory filing, no employees were laid off as a result of the closures.
Between the fourth quarter of 2022 and the first quarter of 2024, the Menlo Park, California-based brokerage expects these additional office closures to result in restructuring charges of around $45 million and annual run-rate savings of about $4 million per quarter.
Robinhood, which had already laid off 9% of its workforce in April, blaming some duplicate roles and job functions on the company’s growth, announced last month that it was laying off an additional 23% of its workforce.
The trading platform was central to the retail trading frenzy during the pandemic, but it has seen revenue declines in recent months as its customer base has been rattled by rising interest rates and decades-high inflation.
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