A popular stock-trading company will lay off dozens of employees from its office in Central Florida.
On Thursday, June 29, Robinhood Markets, Inc. announced that it will lay off 61 employees from its office located at 500 Colonial Center Parkway, Suite 100, in Lake Mary.
According to a filing with the state of Florida Department of Economic Opportunity, the layoffs will take place on September 1, 2023.
“This layoff is expected to be permanent, however, the entire facility is not being closed,” reads the filing from the company.
Founded in 2013 in Menlo Park, California, Robinhood is a financial management company that allows its customers to engage in commission-free stock trading and investments including options, ETFs, and crypto currencies.
The company made the announcement in compliance with the Worker Adjustment and Retraining Notification (WARN) Act, which requires employers to provide notification at least 60 calendar days in advance of covered office closings and mass layoffs.
Although no reasons behind the layoffs were provided, the company began drastically reducing its workforce last year as part of a reorganization. In April 2022, the company cut its workforce by nearly 10%, and in August 2022, the company cut nearly a quarter of its remaining staff.