Robinhood Cuts Jobs as Pandemic Sizzle Cedes to New Reality (1)

Robinhood Markets Inc. was supposed to upend the way people trade. Instead, the way people trade is starting to upend Robinhood.

Less than a year into its run as a public company, Robinhood is dismissing 9% of its 3,800-person workforce. The Silicon Valley startup that once threatened to challenge Wall Street said that after a period of “hyper growth” and robust hiring in 2020 and early 2021, it was left with too much overlap.

“This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal,” Chief Executive Officer Vlad Tenev ...