Thndr Claps » U.S. Claps » Financial Services 💸 » Robinhood organization structure shakeup 🏹
The ClapRobinhood Markets (NASDAQ: HOOD) is closing 5 offices as part of the company’s efforts to change its organizational structure.The DeetsThe closing of these offices is expected to save around $4 million per quarter from Q4 2022 to Q1 2024.Rising interest rates and high inflation led to a decline in the company’s revenues, as investors become more cautious in investing.BackgroundRobinhood cut its workforce down by 9% last April and announced last month that it will cut an additional 23% of its workforce.
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