Layoffs threaten asset managers

Hiya gang. Robinhood, one of the biggest beneficiaries of the boom in retail trading in recent months, revealed data for the first time on its daily average revenue trades (DARTs) on Monday. The startup’s June DARTs totaled 4.31 million, beating out incumbent brokerages TD Ameritrade (3.84 million), Interactive Brokers (1.86 million), Charles Schwab (1.8 million),…

Layoffs threaten asset managers

Hiya gang.

Robinhood, one of the biggest beneficiaries of the boom in retail trading in recent months, revealed data for the first time on its daily average revenue trades (DARTs) on Monday. The startup’s June DARTs totaled 4.31 million, beating out incumbent brokerages TD Ameritrade (3.84 million), Interactive Brokers (1.86 million), Charles Schwab (1.8 million), and E-Trade (1.1 million), as first reported by Bloomberg. But as one door opens another closes. The $8.6 billion startup is no longer allowing third parties to track its trading data. Robinhood users will have to resort back to trolling r/WallStreetBets for investing ideas, I suppose. If you’re not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco. Return of the layoffs

A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City.

Spencer Platt/Getty Images

It appears asset managers have not weathered the storm, but instead are merely in the eye of it.

While the rise of US stocks in recent months might be viewed as a sign of good things to come, there still seems to be a reckoning awaiting asset managers. Rebecca Ungarino has the dire details of how layoffs are expected to
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