Robinhood Markets will cut roughly 10% of its workforce, eliminating about 290 positions as the brokerage works to reduce expenses and operate more efficiently. The company disclosed the job reductions on Tuesday, marking another round of cost-cutting measures for the trading platform that has struggled with profitability since its public debut.

The workforce reduction will generate approximately $28 million in charges, primarily consisting of severance payments and benefits costs along with fees related to share-based compensation. Robinhood expects to recognize these charges in its second quarter financial results, adding to the restructuring costs that have become common for the firm in recent years.

With roughly 2,900 full-time employees as of December 31, according to SEC filings, the cuts represent a significant portion of Robinhood's staff. The brokerage has been under pressure to streamline operations and return to consistent profitability after facing regulatory scrutiny and volatile trading volumes that have impacted revenue.

These layoffs signal that Robinhood continues to prioritize cost discipline over growth investments, suggesting the company may be pivoting toward a more sustainable business model rather than pursuing aggressive expansion.