Trade Republic lays off employees

The neobroker does not name a specific number. At the same time, however, new employees are to be hired.

Trade Republic apparently wants to lay off some of its employees. How many of the officially around 700 employees will have to go, however, is still unclear, as Finance Forward reported. Just recently, the neobroker announced a €250 million funding round.

"We are operating in a changing market environment and continue to evolve our strategy in order to fulfill our mission," an internal email from the startup to its employees in Finance Forward quoted. For this reason, Trade Republic would now adapt its organization. Specifically, this would mean that employees would be laid off. A spokeswoman for the company is said to have confirmed the layoffs. At the same time, however, Trade Republic also plans to hire new employees.

Christian Hecker, Thomas Pischke and Marco Cancellieri founded Neobroker in Berlin in 2015. The startup offers an app that allows users to invest in stocks, ETFs and cryptocurrencies and create savings plans. In the meantime, Trade Republic operates not only in Germany but also in Austria, France, Spain, Italy and the Netherlands and claims to have more than one million customers.