UPDATE 1-Trading platform Robinhood to cut 10% of its full-time workforce

Robinhood

Robinhood

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June 16 (Reuters) - Robinhood HOOD.O said on Tuesday it would cut 10 % of its full-time workforce and close the small number of remaining open roles at the trading platform.

The company expects to incur restructuring charges of about $20 million for employee severance and benefits costs, as well as roughly $8 million in share-based compensation expenses.

The trading platform expects to recognize the charges in the second quarter. Its shares were last up 1.3% in premarket trading.


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