Because of the closings, no one was going to lose their job.
Robinhood Markets Inc. (HOOD.O) said on Friday that it was closing five more offices. This was part of a larger programme announced in August to change the company’s organisational structure.
In a filing with the government, the company said that no employees would be laid off because of the closings.
The Menlo Park, California-based brokerage said it expects these additional office closures to lead to restructuring charges of about $45 million and annual savings of about $4 million per quarter between the fourth quarter of 2022 and the first quarter of 2024.
Robinhood had already let go of 9% of its employees in April, citing some duplicate roles and job functions as a result of the company’s growth. Last month, the company said it was letting go of another 23% of its employees.
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The trading platform was a big part of the retail trading frenzy during the pandemic, but its sales have gone down in recent months because rising interest rates and decades of high inflation have scared away some of its customers.
