(Bloomberg) -- Robinhood Markets Inc. will partially or completely shutter five more offices, the latest move in a sweeping overhaul to rein in expenses as it adjusts to a sharp downturn in trading activity.
The brokerage, which dismissed more than 1,000 employees and shut two offices earlier this year, will close the additional outposts without further job cuts, the Menlo Park, California-based company said Friday in a filing.
The decision to close more offices will result in restructuring charges of $90 million to $105 million, up from a previous estimate of $45 million to $60 million, according to the filing. Almost all of those costs will be incurred in the third quarter.
Shares of Robinhood were little changed in extended trading at 5:10 p.m. in New York. The stock has tumbled 43% this year.
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