- Jordan Dane Sinclair has been appointed CEO of Robinhood UK Ltd.
- Robinhood plans to establish an FCA-approved brokerage service for UK retail investors.
Robinhood is preparing to expand internationally in order to gain customers in the UK. According to Bloomberg, as a direct result, the US stock trading app has recruited a key executive from the British fintech business Freetrade.
On Tuesday, it was reported that Jordan Dane Sinclair has been appointed CEO of Robinhood UK Ltd, according to a document maintained by the UK’s Financial Conduct Authority. Also, accounts filed by its UK company in May indicate that after two failed efforts, the platform intends to provide brokerage services to retail investors in the UK this year.
Severe Competition from Rivals
Regulatory documents indicate that Robinhood plans to establish an FCA-approved brokerage service for UK retail investors before the end of the year, creating a requirement for several key jobs in the UK.
Moreover, Robinhood has spent years preparing for its debut in the UK. A formal delay of the project was announced for the year 2020. In addition, the company will face severe challenges from rivals in the UK market. Public.com, a competitor to Robinhood, is venturing outside of the United States for the first time with the launch of its commission-free investing platform in the United Kingdom.
About 7% of Robinhood’s full-time employees were informed of layoffs on June 26. That’s the equivalent of around 150 individuals. The corporation made this shift in response to falling customer engagement. Prior to this, Robinhood reduced its personnel in August 2022, when it laid off 23% of its employees or around 1,000 people.
Moreover, a recent regulatory onslaught on the crypto industry prompted the organization to delist certain digital assets termed securities by the U.S SEC.
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