Modern brokerage Robinhood (NASDAQ: HOOD)will slash its workforce by 10%, according to an update from the company.
In a post on X, Robinhood founder and CEO Vlad Tenev described the move as a way to maximize”talent density.”
“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, including severance. These are good people who helped build the foundation we stand on today, and I am deeply grateful for their contributions to Robinhood,” stated Tenev.
He explained that Robinhood has never been stronger, but to massively scale, they must not operate as a “heavily layered organization.” Tenev said, “We are flattening our org structure and reducing our overall team size by 10% of headcount.”
Robinhood will continue to hire regarding “top-tier” talent.
Robinhood’s most recent operational report indicated that funded customers at the end of May totaled 27.7 million, an increase of approximately 110 thousand from the end of April 2026 and approximately 1.76 million year-over-year. Total assets on the platform at the end of May were $377 billion, up 9% from the end of April 2026, up 48% year-over-year.
Net Deposits were $5.6 billion in May, or a 19% annualized growth rate relative to April 2026 total platform assets.
Robinhood recently expanded into Canada through the acquisition of Wonderfi, as it continues its strategy of growing market share by entering international jurisdictions.
Robinhood has also been a leader in incorporating artificial intelligence into its trading platform. Agentic trading enables automatic trading as defined by the account holder. On June 12th, Robinhood reported record-breaking traffic on the platform, which, unfortunately, caused issues for certain users.
