(https://www.cnbc.com/2026/06/16/trading-platform-robinhood-cuts-10percent-of-workforce.html) while its stock rallies on a four-session win streak is the tell. When platforms flatten management layers *during* a bull run, it's not efficiency—it's margin defense. They're not hiring for growth; they're cutting to offset collapsing per-trade economics. The same playbook that crushed commissions in 2020 is now compressing unit economics across retail brokerages.

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