Robinhood said it will cut about 290 jobs, or roughly 10% of its full-time workforce, close its few remaining open positions and record about $28 million in second-quarter charges. The company said the move is aimed at simplifying its management structure by streamlining management layers, while a note from CEO Vlad Tenev, as described in the source, framed the layoffs around organizational efficiency rather than artificial intelligence. Shares rose about 1% in premarket trading after the announcement, as Robinhood faces weaker crypto trading activity and tougher competition.