Retail trading platform Robinhood to cut 9% of its full-time employees

Retail trading platform Robinhood Markets said on Tuesday it is laying off about 9 per cent of its full-time employees, sending its shares down 5 per cent in extended trade. The firm, which is reporting its quarterly results later this week, said the rapid headcount growth has led to some duplicate roles and job functions. As of December 31, the company’s total headcount was 3,800. Robinhood's easy-to-use interface has made it a hit among young investors.