Robinhood,
the popular American stock trading app seeking to launch in the UK by year-end,
has tapped Jordan Sinclair, the Managing Director of Europe at Freetrade, as its
Chief Executive Officer in the European country. The
appointment comes days
after Finance Magnates
reported that the ‘zero-fee’ trading pioneer was hiring for several UK roles.
Robinhood
Revives Push for
UK Debut
The UK
Financial Conduct Authority’s (FCA)
register shows that Sinclair, who is also a
former Barclays executive, was appointed as the trading firm’s Chief
Executive earlier this month. Sinclair, who also previously worked for
Wells Fargo, brings over a decade of experience to the top role.
The executive’s selection marks Robinhood’s latest effort to gain entry into the UK trading
market, having first announced the plan about three years ago. In early
2022, the stock trading and investment firm reached a deal to
acquire Ziglu, a
London-based cryptocurrency trading platform. The firm had hoped the acquisition will help it accelerate its
international expansion, both in the UK and across Europe.
However,
Robinhood in February terminated the
agreement after it failed at cutting down the
price of the acquisition by 57% from $170 million to $72.5 million. The trading
provider had cited market conditions for the measure.
Meanwhile,
Robinhood’s renewed plan to enter the UK market comes as US trading
platforms such as Public.com and Webull recently successfully launched in the country. However, the decline in retail
trading activities among investors is a source of concern for the company.
In June,
Robinhood initiated its third round of layoffs within a year. Finance Magnates
reported that the trading provider in an internal memo disclosed plans to lay
off 7% of its workforce, which is approximately 150 people. The move came as
the broker-dealer reported $511 million
in net loss during the
first quarter of the year, surpassing a quarterly revenue of $441 million.
On a positive note, Robinhood earlier this month introduced 24-hour
market trading to all its
users. Finance Magnates reported that the move might be
targeted at improving trading activities among retail investors.
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This article was written by Solomon Oladipupo at www.financemagnates.com.
