In fintech news, Robinhood has expanded an August restructuring program to close more offices, but it doesn't involve more layoffs
in which it would get almost $12 million in government incentives in North Carolina for the office that opened just last year.
The Tempe and Charlotte offices are not included among the five. In addition to the Menlo Park headquarters, Robinhood's website shows it operates"locations" in Chicago; Denver; New York; Seattle; Washington, D.C.; Westlake, Texas; and Lake Mary, Florida; as well as in India and the United Kingdom. The expanded restructuring program will cost about $45 million in additional restructuring charges, largely hitting in the third quarter. The additional office closures will result in savings of about $4 million per quarter, starting in the fourth quarter and running at that level through the first quarter of 2024.
Robinhood now expects its estimated charges from the August restructuring to range from $90 million to $105 million, excluding share-based compensation. Originally, Robinhood estimated the restructuring charges to run from $45 million to $60 million, according to Robinhood’s SEC filing.