Robinhood: We are letting go approximately 9% of our full-time employees
blog.robinhood.com
blog.robinhood.com
Starting to look like I missed the golden job market between this and Meta/Twitter hiring freezes.
Their take was startups leveraging the cloud are dead to VCs except in certain niche situations
The proles are always behind the trends
Apple jumped into content creation after Alice neutered software patents. Copyright is Disney level bread and butter now
There are few real markets for CRUD app startups which are just the same old shit with a marketing angle painted on top
Docker pull that shit and run it local.
Why would the base their HQ in a tax heavy state like California, specifically the Bay Area and build multibillion dollar office buildings? Access to UC Berkeley and Stanford has historically been the answer.
In a few years kids who grew up on zoom looking to go to the office and have the communal experience that escaped them. Grass is always greener on the other side of the fence, and the bank always owns the land on either side of said fence.
All the companies meeting their earnings are back (Msft, Tesla, Apple… curious to see what FB does, but I think Elon is going to want asses in seats so to speak). I can see the articles being written now.
The ones jump when the salary is the highest are now in more peculiar position than the others, if the company decided to trim itself down.
E5+ and managers are unaffected
All that to say, you'll be fine.
Those loses look pretty big.
Oh ffs no they don’t.
See https://www.washingtonpost.com/business/2021/01/29/robinhood...
If both market maker A and market maker B offer the same price but B is going to pay them slightly more than A for your order, then they can legally route your order to B.
Many brokers do this now.
Front running is different entirely. For example, if you were about to buy a load of stock, front running would be Robinhood buying in before you, waiting for your order to clear the price level, and then selling a few ticks higher.
I really have most serious doubts about the idea that you can simultaneously get paid for order flow and deliver on your best execution obligations - the payment for order flow literally comes out of missed price improvement opportunities for the customer. FINRA seems to feel the same way and fired a warning shot over the bows last year: https://www.finra.org/rules-guidance/notices/21-23
I started trading on RH in 2019. They make investing simple and approachable for someone who like me who knew the basics and just wanted to play around a bit with some spare cash.
But after a couple years when I want to start taking it more seriously, their platform has failed to grow and improve. In the three years I've used them, I can't think of a single new feature they added that I use. Meanwhile, there are plenty of things I'd like. For example, it's beyond ridiculous that price graphs don't have their axes labeled. When selling stock, it's always FIFO, so I can't choose which lots to sell to optimize tax liabilities.
The problem is that I have a hard time leaving because their margin rates (~3%) are so damn good compared to the major players (8% or higher).
Current max is 1.83% but the more you borrow it asymptotically approaches 1%. (subject to change, same as RH)
Brokers are as behind compared to robinhood as car manufacturers are with RH.
Its just not a great business.
It was never meant to compete with real investing tools but instigate transaction fees and accumulate retail behavior data for the market makers
Which means that a 4 year stock grant worth $700k then got you 10k shares. That’s now worth $100k
It is fine, it is just a low marginal commodity business not likely to achieve the grandiose valuations and size its investors expect.
I HATE companies that fire people on the first bad quarter. People are relying on this salary to live.
Literally have some basic fiscal responsibility and don't hire to the point where one bad quarter means you have to fire a tenth of your workforce. The fuck.
I feel much worse for the casual employees who can have their hours reduced to unlivable amounts silently with no press release.
Layoffs have an impact on far more than just the company. They have an impact on the state, they have an impact on the side service oriented businesses created because of that company, and they have a direct impact on the lives of the workers and their dependents.
It shouldn't be "free" for a company to have a ripple effect of this magnitude. Regulations like this would force companies to grow in a sustainable fashion, since having a "break" like this would be extremely expensive to the execs and major shareholders of the company.
FWIW I have barely thought this out and this might sound ridiculous.
Anyway it had way too many people and itwas grossly inefficient. It should probably cut staff 50% or more imo.
It looks like you have all the answers and "they" have no idea, but I don't see anything else than pure "us vs them" mentality and finger pointing on a company that you chose to join and accept money from.
Care to share what you would do if you were in charge ? At what level have you been able to implement some of the solution you have in mind ? What was the outcome ?
Edit: repeated myself
1. Either he has one (or more) good and constructive idea on how to fix the problems faced by his former employer. In which case, please share those ideas and justify them as this is way more interesting than an empty and pointless "lol they have no idea".
2. Or he has no idea how to fix it. Which is perfectly OK (I am in that situation !). But then making fun of the people in charge of trying to do what he can't - and won't - do is probably something he should refrain from doing altogether.
Leaving an employer because you don't see a future in a company is perfectly OK. Disagreeing with the vision / direction set by management is 100% normal as well. Publicly making fun of people who are in charge of steering a ship you have been a part of for only 6 month isn't. Especially when not associated with any actionable insight.
Where we were, it should have been ground-0 of some kind of engineer shortage right? We were a small startup and we had no trouble hiring, in fact I don't recall a single person we recruited going to Facebook instead, or even anyone mentioning it. Certainly they didn't hire anyone away from our company. I think you are grossly overestimating how much one company's hiring can effect the market. Since you were, I would guess, maybe 16 at the time you must have read this somewhere? I'm curious what your sources are.
It’s very creepy and scary to see the breach notice side-by-side with these scumbags’ fresh phishing attempt. The people behind these sort of attacks need to be hunted down and brought to justice.
Why does this feel like a direct copy of Elon's recent email to Tesla? Does everyone use the same justification and exact wording when it comes to firing employees now?
But other brokers are for more power users