Five offices will be closed by Robinhood as part of a reorganisation exercise.
As part of a larger effort to change its organisational structure, launched in August, Robinhood Markets Inc. said on Friday that it was closing five more offices.
It reported in a regulatory filing that no staff members would be let go as a result of the closures.
The Menlo Park, California-based brokerage stated that between the fourth quarter of 2022 and the first quarter of 2024, it anticipates that these additional office closures will result in restructuring charges of about $45 million and produce annual run-rate savings of nearly $4 million per quarter.
Robinhood announced it was laying off workers after cutting 9% of its personnel in April and attributing some redundant roles and duties to the company’s expansion.
The trading site was important in the retail trading frenzy during the pandemic, but in recent months, as its clientele became alarmed by rising interest rates and decades-high inflation, it has reported revenue decreases.