Robinhood axes 23% of staff

finextra.com:

The decision also comes as Robinhood posts second quarter results which show a 44% fall in revenues compared to the same period the year before on declining monthly active users and assets under custody.It also comes on the heels of a $30 million fine by New York State Department of Financial Services for "significant" anti-money laundering, cybersecurity and consumer protection violations at its crypto unit.In a message to staff, Tenev says the cuts will be concentrated in the operations, marketing, and program management functions."As CEO, I approved and took responsibility for our ambitious staffing trajectory - this is on me," writes the CEO.In addition to the job cuts, Robinhood is moving to a general manager structure in order to "flatten hierarchies, reduce cross-functional dependencies, and remove redundant roles and positions".