Robinhood Cuts 10% of Staff in Restructuring That Avoids Any Mention of AI

Robinhood is laying off roughly 290 employees, representing 10% of its full-time workforce, in a restructuring that stands out for what it does not say. CEO Vlad Tenev made no reference to artificial intelligence in his note to staff, a deliberate departure from peers at Amazon, Coinbase, GitLab, and Intuit, who have framed similar cuts around AI-driven productivity gains.

Tenev instead cited the need for leaner, flatter organisational structures, saying the company could not operate as a heavily layered organisation. The move comes despite Robinhood reporting a 15% rise in first-quarter revenue, with the second quarter also trending positively. The company expects to incur around $28 million in restructuring costs and is additionally closing a small number of open roles.