What is your theory, that every single other financial institution has willingly taken on a bunch of expenses they don't need to?

This comment just reinforces my feeling that Robinhood's business model is to extract money from credulous customers who think they are too cool for regular banks.

Most large banks have thousands of employees, tons of retail locations, massive fraud exposure, and overbuilt legacy infrastructure.

For example Chase has over 10 banks within blocks of each other in downtown Chicago.

> Most large banks have thousands of employees

Hundreds of thousands, actually.

Wells Fargo had 262,700 employees in 2017. Bank of America, Chase, Citi - all had over 200,000 employees that same year.

These numbers have only gone up since then.