Business

Robinhood confirms Charlotte layoffs, maintaining workplace open


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Firm-wide layoffs at inventory buying and selling app Robinhood affected its Charlotte workplace, the corporate confirmed Friday. It expanded right here simply final spring.

AP

Inventory buying and selling app Robinhood on Friday confirmed company-wide job cuts affected its Charlotte workplace, which the fintech firm opened final yr.

The agency introduced Tuesday it could lay off about 9% of its practically 3,800 workers, amounting to about 340 employees.

In an organization blog post, co-founder and CEO Vlad Tenev stated the corporate employed too many individuals in the course of the pandemic. From 2020 by 2021, the corporate elevated its variety of workers by nearly six instances, Tenev stated.

There have been a “small number” of native workers affected by the announcement, an organization spokesperson informed The Charlotte Observer on Friday. The corporate didn’t say what number of jobs had been minimize regionally and declined to supply its Charlotte headcount.

On the time of its growth announcement in March 2021, Robinhood deliberate to make use of not less than 150 employees within the space by the tip of the yr. The corporate declined to say Friday if it had met that objective.

However the agency is maintaining its workplace right here, the spokesperson stated.

“Robinhood is still very committed to maintaining a presence in Charlotte,” the spokesperson stated.

Future hiring plans

Robinhood’s Charlotte presence has its roots in a March 2021 announcement it was opening an workplace right here, turning into one of many most-high profile monetary know-how corporations to maneuver to the area.

Charlotte beat out cities akin to Denver, Colo. and Fort Mill, S.C., for the growth.

LOOK BACK: Startup stock trading app Robinhood will expand in NC, bringing hundreds of new jobs

The corporate stated it could make investments $11.7 million in a brand new buyer help and account operations heart. It promised to deliver practically 400 new jobs to the realm that included analyst, customer support and operations roles.

Now, these plans appear to be up within the air.

Robinhood is “still assessing how the recent reduction in our workforce will affect future hiring plans,” it stated in its assertion.

The agency was set to obtain as much as $3.7 million in state and metropolis incentives for the growth. These tax incentives are sometimes tied to the completion of job creation targets.

This story was initially printed April 29, 2022 12:56 PM.

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Hannah Lang covers banking and financial fairness for The Charlotte Observer. She studied enterprise journalism on the College of North Carolina at Chapel Hill and grew up in the identical city as her alma mater.





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