The American online broker Robinhood Markets is making cuts. The American company announced that about seven percent of its full-time employees would have to leave the company.
The Wall Street Journal reports that some 150 employees will have to leave the company. The reason is a declining involvement of its customers. A week ago, Robinhood announced that the fintech firm would acquire X1 for $95 million in cash.
With the purchase, the company wants to tap into a new source of income to counter the weakness in its important trading division. Robinhood became known as part of the capers course at American video game retailer GameStop. Many small investors had used the app for their speculative transactions involving cryptocurrencies.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
