Trading platform Robinhood on Tuesday announced that it will be laying off 10% of its workforce, or about 290 employees, in a bid to streamline the organization. The company’s CEO Vladimir Tenev made it clear that the layoffs were not driven by company performance.Vlad Tenev is the co-founder and CEO of Robinhood. (Jordan Strauss/Invision/AP)In fact, in his layoff memo, Tenev said that Robinhood is doing exceptionally well as a company."Robinhood's business has never been stronger," wrote Vlad Tenev while announcing plans to reduce 10% of the company's workforce, Business Insider reported.Robinhood reports record trading levelsA filing with the US Securities and Exchange Commission (SEC) on Tuesday highlighted how the layoffs at Robinhood come despite strong business growth.The company noted that its average daily trading volumes in equities, options and prediction markets have reached record highs so far this month. Robinhood had around 2,900 full-time employees at the end of 2025, according to a filing made in February.(Also read: ‘Business is the strongest it's ever been,’ says ClickUp CEO after laying off 22% of staff)What the CEO saidIn his layoff memo to staff, CEO Vladimir Tenev implied that individual performance will determine who gets impacted by the layoffs.“I want to be transparent about why this is happening now. Robinhood's business has never been stronger. But to achieve the massive scale of our mission, we cannot default to operating as a heavily-layered organization,” he said, according to the memo seen by Business Insider.Tenev said that Robinhood was "flattening" its structure and reducing its number of employees to avoid becoming a "heavily-layered organization.""Our execution is strong today, but our ambitions require us to continuously raise our own bar," he wrote. "The goal is to maximize our talent density."While some job postings have been deleted, Tenev said that the company will "continue hiring strategically," and invest in "top-tier talent" and using "frontier technologies."He did not specify which teams will be affected by the job cuts.(Also read: Techie struggles to find job after Meta laid her off as 'low performer': 'My severance and savings have run dry')Robinhood is the latest tech company to cut layers of management in an effort to reduce bureaucracy and speed up decision-making. After hiring aggressively during the pandemic, several major tech firms, including Microsoft, Google, Amazon and Meta, have reduced the number of managers and given more responsibility to individual employees.