Robinhood Slashes 23% of Its Workforce in Sweeping Overhaul (2)

Robinhood Markets Inc. is eliminating almost a quarter of its workforce and shuttering offices after a punishing first year as a public company.

The app-based brokerage dismissed 780 people, or about 23% of staff, and also announced the departure of a top executive Tuesday. Reductions were concentrated in operations, marketing and program management functions, Chief Executive Officer Vlad Tenev said in a statement.

A pandemic trading boom -- including the meme-stock frenzy that drove up shares of GameStop Corp. and others -- fueled the firm’s drive to an initial public offering in July 2021. The business quickly slumped, with ...