The arrival of Robinhood Markets Inc (NASDAQ: HOOD), an American financial services startup, in the United Kingdom has been keenly anticipated. According to a news statement from the Financial Conduct Authority (FCA), former Barclays director Jordan Sinclair was appointed CEO of the FCA’s UK operations on July 18.
Sinclair’s vast history includes employment at Wells Fargo (NYSE: WFC) as Managing Director for Freetrade Europe and Global Strategic Initiatives Manager.
Robinhood has chosen to take this action in response to recent concerns raised by US authorities. Due to technological and operational concerns, the business and the California Department of Financial Protection and Innovation (DFPI) reached a $10,2 million settlement. The North American Securities Administrators Association and the Securities and Exchange Commision are both looking into the matter.
After some setbacks, Robinhood is making headway in the UK and has started hiring for important roles in London. LinkedIn job listings for a senior risk and compliance associate, a compliance officer, and an operations lead have been posted in order to enable the launch and expansion in the UK.
While Robinhood concentrated on expanding its business in the United States, the firm opted to postpone its launch into the United Kingdom market. However, the moment seems to have arrived for the corporation to embark on a significant worldwide expansion.
Meanwhile, Robinhood will lay off 7% of its employees in order to save expenses. Many of these personnel were engaged in the months before the outbreak, during the heydey of bitcoin trading. Despite going through two rounds of layoffs in 2020 to optimise its operations, the company more than quadrupled its staff headcount to over 3,800 between 2020 and 2021.
Robinhood is certain that with Sinclair at the helm, it will be able to capitalise on market possibilities while overcoming market challenges.
