Robinhood is cutting jobs, reorganizing teams, and focusing on credit cards to solve a shrinking user base, insiders say
(www.businessinsider.com)
from L4s@lemmy.world to technology@lemmy.world on 26 Sep 2023 08:00
https://lemmy.world/post/5752655
from L4s@lemmy.world to technology@lemmy.world on 26 Sep 2023 08:00
https://lemmy.world/post/5752655
Robinhood is cutting jobs, reorganizing teams, and focusing on credit cards to solve a shrinking user base, insiders say::Robinhood is reorganizing and its future in credit cards was discussed in all-employee meeting, insiders say.
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This is the best summary I could come up with:
Robinhood is laying off more employees and reorganizing teams as part of a new focus on credit cards as the company tries to mitigate a shrinking user base, insiders say.
Insiders say the company is planning to merge X1 with its Robinhood Money organization, the subsidiary focused on cash management and spending features of the app like its debit card, direct deposit, and peer-to-peer payments.
“This has been causing a bit of panic within executive leadership,” one insider said, adding that X1 is Robinhood’s “latest pivot to try to get out of that rut.”
The layoff was widely reported, but audio of an all-hands meeting reviewed by Insider recently showed ongoing cuts have been deeper.
Posts on a private group for people with a Robinhood.com email address on the tech-industry chat app Blind suggests layoffs as recently as Thursday, according to screenshots viewed by Insider.
But more recently, we’ve been helping customers with their comprehensive set of financial needs," Robinhood chief executive and cofounder Vlad Tenev said during an event held by TechCrunch this week.
The original article contains 539 words, the summary contains 175 words. Saved 68%. I’m a bot and I’m open source!
that pump and dump scheme just needs to wrap up and fail. they failed their user base and then wondered why people left in droves. The poster boys for PFOF. needs to be banned everywhere.
Anecdotally, and unfortunately, I’m the only person I know who stopped using Robinhood after the GME bullshit.
I’d probably still be using Robinhood if they hadn’t fucked everyone over with GME. They deserve to fail after what they pulled.
I believe in that particular case the blame most likely lay with the private equity firm that owned Robinhood, which stood to take huge losses if the short squeeze had worked.
Doesn’t change your point though, burn the motherfuckers down even if they are only a goon for the real villain.
They wanted us to think they were Robbinhood but instead they just ended up tryina’ rob the ‘hood
OR - and hear me out here - the stock market was flooded with retail investors who all thought they were geniuses during a bull market, then as the market flatlined over the last 2 years, suddenly left the market as reality set in and those retail investors learned they weren’t outsmarting the market.
I mean, Robinhood went public 2 years ago. GME short squeeze was six months prior. I’d attribute Robinhood losing users two and half years later would more likely be the market cooling - just as Schwab and TD Ameritrade have seen. (TD was just bought by Schwab , BTW).
The stock market is a lot bigger than one blip stock event nearly three years ago. On Wall Street, 24 hours is a lifetime.
Robbin’Clients
Wonder why…hrmmmmmm.