Robinhood is cutting its workforce by 10%, or roughly 295 employees “to maintain a high performance culture, further accelerate product velocity, and remain lean and disciplined,” the fintech said in a filing Tuesday with the Securities and Exchange Commission.

In a statement posted to social media site X, Vlad Tenev, Robinhood’s CEO, said “business has never been stronger.”

The company’s month-to-date average daily trading volumes so far in June are “at record levels across equities, options, and prediction markets,” the filing said.

“But to achieve the massive scale of our mission, we cannot default to operating as a heavily-layered organization,” Tenev said Tuesday. “We must be a lean, hyper-focused team where every single individual is empowered to make a massive impact.”

Robinhood will incur $20 million in restructuring and severance-related charges and another $8 million connected to share-based compensation, according to the filing. Those charges will be recognized this quarter, the company said.

“These are good people who helped build the foundation we stand on today, and I am deeply grateful for their contributions to Robinhood,” Tenev said.

Robinhood is closing “a small number of open roles” in addition to the 10% cut, according to the filing.

“Our execution is strong today, but our ambitions require us to continuously raise our own bar,” Tenev said. “The goal is to maximize our talent density and ensure that our culture is defined by an absolute elite performance bar and a superlative commitment to our customers.”

Tenev called the workforce cuts “the hardest consequence of committing uncompromisingly to our values.”

Robinhood is hardly the only fintech to make cuts to its workforce this year. Block said in February it would slash its headcount by about 4,000 workers. Crypto.com, meanwhile, laid off roughly 180 employees in March. Bolt followed in April, cutting about 30% of its staff. And Coinbase in May said it trimmed its workforce by 700.

The specter, in each of those cases, is the rise of artificial intelligence. Tenev made no mention of AI in his statement.

He did, however, say the staff reduction “creates even more opportunities for our most talented people to grow and take on greater responsibility.”

“We will also continue hiring strategically, investing heavily in top-tier talent and utilizing frontier technologies to push our execution even further,” Tenev said Tuesday.

Robinhood’s stock price is down 28.8%, as of Tuesday, since peaking in January, according to Yahoo Finance.

However, the company saw a 3% increase in profit, year over year, last quarter and – among its wins this year – was selected by the Treasury Department as the brokerage and initial trustee of the Trump Accounts program.

Robinhood counted 2,958 employees in its annual report.