{"id":8185,"date":"2026-06-20T00:14:59","date_gmt":"2026-06-20T00:14:59","guid":{"rendered":"https:\/\/www.fintechpulse8.com\/?p=8185"},"modified":"2026-06-20T00:14:59","modified_gmt":"2026-06-20T00:14:59","slug":"another-major-fintech-firm-cutting-10-of-its-workforce","status":"publish","type":"post","link":"https:\/\/www.fintechpulse8.com\/?p=8185","title":{"rendered":"Another major fintech firm cutting 10% of its workforce"},"content":{"rendered":"
<\/p>\n
Job cuts are still coming for fintech employees.<\/p>\n
After a rough few years for those in the tech industry, layoffs are still making the rounds. And a lot of that has to do with businesses deciding to focus more of their efforts on AI.<\/p>\n
Companies that have recently announced layoffs:<\/h3>\n
\n
PayPal cut 20% of its workforce in 2026, according to Quartz.<\/li>\n
Intuit confirmed it would cut 17% of jobs to streamline and focus on AI, Reuters reported.<\/li>\n
Block, the company behind Stripe\u2019s payment processing, laid off almost half of its staff because of AI, Forbes noted.<\/li>\n
Meanwhile, Bolt Financial also plans to cut about a third of its workforce, according to TheStreet.<\/li>\n<\/ul>\n
And now, another very popular fintech app for retail investors is also announcing cuts.<\/p>\n
Robinhood puts jobs on the chopping block<\/h2>\n
With American consumers and businesses tightening their belts in face of higher inflation, fintech investment app Robinhood is responding now before it\u2019s too late.<\/p>\n
The fintech app allows users to trade stocks, options, exchange-traded funds (ETFs), and cryptocurrencies commission-free, all from their phones. Its core mission is democratizing finance, according to Robinhood\u2019s website.<\/p>\n
More Fintech<\/strong><\/p>\n
\n
JPMorgan $175 million fraud battle takes an unexpected political turn<\/strong><\/li>\n
Robinhood CEO launches bold agentic AI trading feature<\/strong><\/li>\n
Another fintech startup files for bankruptcy and shuts down<\/strong><\/li>\n<\/ul>\n
Robinhood has decided to cut 10% of its workforce, according to its filing with the Securities and Exchange Commission.<\/p>\n
It’s downsizing headcount \u201cto maintain a high performance culture, further accelerate product velocity, and remain lean and disciplined,\u201d the fintech firm said in the filing. <\/p>\n
The 10% cut equates to about 295 employees, and Robinhood will also eliminate open positions, the filings show. The company listed 2,958 employees\u00a0in its 2026 annual report.<\/p>\n
The job cuts come at a price for Robinhood. It will incur about $28 million in charges related to severance and share compensation, the company told the SEC.<\/p>\n\n
Robinhood CEO Vlad Tenev said the job cuts were preemptive fires. <\/p>\n
Getty Images<\/p>\n<\/figcaption><\/figure>\n
Jobs axed despite Robinhood’s strong financials<\/strong><\/h2>\n
Despite the cuts, Robinhood CEO Vlad Tenev said on X (the former Twitter) that \u201cbusiness has never been stronger.\u201d<\/p>\n
He said the layoffs are simply proactive, as the company needs a lean team to achieve its goals.<\/p>\n
\n
We must be a lean, hyper-focused team where every single individual is empowered to make a massive impact. Our execution is strong today, but our ambitions require us to continuously raise our own bar.<\/p>\n<\/blockquote>\n
The move, Tenev added, would create more opportunities for its most talented staff \u201cto grow and take on greater responsibility.\u201d While he did not explicitly mention AI, Tenev did say the company would use \u201cfrontier technologies,\u201d which could allude to AI use.<\/p>\n
Robinhood has seen a stellar year of growth. Its first-quarter results showed a 3% year-over-year profit, while its equity and options volumes grew into the double digits.<\/p>\n
And in April, the U.S. Treasury Department selected it to help build the Trump Accounts app, according to CNBC.<\/p>\n
Related: Investors sour on Robinhood stock after earnings<\/strong><\/p>\n
Job cuts are still coming for fintech employees. After a rough few years for those in the tech industry, layoffs are still making the rounds. And a lot of that… <\/p>\n","protected":false},"author":1,"featured_media":8186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[246],"tags":[3248,5210,1393,900,1890],"class_list":["post-8185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-popular","tag-cutting","tag-fintech","tag-firm","tag-major","tag-workforce"],"_links":{"self":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts\/8185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8185"}],"version-history":[{"count":0,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts\/8185\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/media\/8186"}],"wp:attachment":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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