Robinhood is cutting roughly 10% of its full-time employees in a corporate restructuring CEO Vlad Tenev has framed as a push for a “high performance culture.”

In a Form 8-K filed Tuesday with the SEC, Robinhood Markets said the reduction in force covers approximately 10% of full-time staff, plus the closure of a small number of remaining open roles. Total restructuring charges are estimated at about $28 million: approximately $20 million in cash severance and benefits and approximately $8 million in share-based compensation costs. The company expects to recognize the charges in the second quarter of 2026.

With Robinhood reporting approximately 2,900 full-time employees as of December 31, 2025, the cut translates to roughly 290 people.

In an internal memo to staff, Tenev said Robinhood cannot “default to operating as a heavily-layered organization” if it wants to scale its mission, and that the company must “continuously raise” its performance bar. The 8-K described the action as coming “from a position of business strength,” pointing to June month-to-date average daily trading volumes at record levels across equities, options, and prediction markets.

The cuts follow Robinhood’s first-quarter results, which missed analyst expectations on both revenue and earnings. Robinhood’s Q1 2026 10-Q showed crypto transaction-based revenue declined year-over-year, a reflection of softer activity in digital-asset markets through the quarter. Tenev said in a statement that the company’s business “has never been stronger,” framing the workforce reduction as a proactive step to improve execution.

The restructuring coincides with an active product push. Robinhood recently closed its $180 million acquisition of WonderFi, the Canadian crypto operator running Bitbuy and Coinsquare, and gained approval to serve as an IPO underwriter. Earlier this month, the company also launched Agentic Trading for all customers, a feature that lets AI agents execute trades through a dedicated Robinhood account.

Robinhood said it will continue hiring selectively and plans to utilize “frontier technologies” to improve performance. The company has not publicly identified which teams are most affected.