CHARLOTTE, N.C. — Stock-trading app service Robinhood is closing its Charlotte office amid a new round of layoffs.
Robinhood CEO Vlad Tenev shared an update to employees on Tuesday following a company-wide meeting to discuss a reorganization of the business and a further reduction in headcount.
Tenev announced Robinhood will reduce its headcount by approximately 23 percent, with the changes particularly affecting employees in operations, marketing, and project management functions.
The Charlotte office is shutting down as part of this restructuring, after it opened just last year in a tower on South Tryon Street.
“Employees in Charlotte who remain with Robinhood will begin working under our work-from-anywhere model,” Becker said.
Tenev did not mention how many workers are currently in Charlotte or how many were let go due to this restructuring.
Tenev says high inflation and a recent cryptocurrency crash forced the layoffs at the online trading platform company.
Departing employees will be offered the opportunity to remain employed with Robinhood through October 1st, 2022.
Tenev says these employees will be offered a cash severance, payment of COBRA medical, dental and vision insurance premiums and job search assistance.
Click here to read full statement from Robinhood’s CEO Vlad Tenev.