Robinhood Markets Inc. has appointed a new CEO to lead its UK operations. Jordan Dane Sinclair has been cleared by the UK’s Financial Conduct Authority to become the head of the firm’s UK subsidiary, according to the register at the regulator. Sinclair was most recently the managing director for Europe at the retail stock trading software Freetrade.
Later this year, the business intends to debut its brokerage services in the UK market. The company’s application to operate in the UK has previously been denied twice. However, its most recent attempt is through the acquisition of London-based cryptocurrency trading startup Ziglu.
Robinhood is looking to fill key positions in the UK as it prepares to ramp up its drive to recruit local investors. The organization is looking for an operations head with experience in securities and brokerage in the United Kingdom. Furthermore, it is looking for regulatory specialists.
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The company’s aspirations for expansion came just after rival platform Public.com, based in New York, revealed plans to expand to the United Kingdom. Public.com will enable UK customers to invest in over 5000 US equities. In the future, Public.com intends to grow into other European countries.
Despite ambitions for expansion, Robinhood recently let off 7% of its employees in order to “adjust to volumes and better align team structures.” This was the firm’s third round of layoffs in less than a year. Over 1000 staff have been laid off since the end of 2022. Since the 2022 market crash, the company has seen a dramatic decline in consumer engagement. Nonetheless, there have been tales of employees voluntarily quitting the organization.
