Robinhood Culls 300 in 10% Headcount Cut as Fintechs Retrench

Robinhood Markets Inc. said it’s cutting 10% of its workforce, a reduction of around 300 positions, to “remain lean and disciplined” as it develops new products.

In addition to the cuts, Menlo Park, California-based Robinhood will close a small number of open roles across the company, according to a regulatory filing Tuesday. The firm’s shares were up 1.7% at 7:35 a.m. in early New York trading.

Robinhood follows a number of financial-technology firms that have cut jobs in recent months, including Block Inc., Crypto.com, Coinbase Global Inc. and PayPal Holdings Inc. While many of ...