Robinhood said on Tuesday it would cut 10% of its full-time workforce, or ​about 290 roles, as the trading platform seeks to operate more ‌efficiently by flattening organizational layers.

The move comes as companies across sectors continue to scrutinize headcount and management structures, with many executives arguing that leaner organizations make decisions faster and deploy ​resources more effectively.

“Robinhood’s business has never been stronger,” CEO Vlad Tenev ​said in a note to employees shared on social media platform X “We ⁠cannot default to operating as a heavily-layered organization. We must be a ​lean, hyper-focused team,” he added.