Goldman Sachs to beef up its crypto team despite massive layoffs globally

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Goldman Sachs to beef up its crypto team despite massive layoffs globally: According to recent reports, Goldman Sachs is still open to crypto hires amid a massive 3,200 staff cut.

Goldman Sachs to beef up its crypto team despite massive layoffs globally

Goldman Sachs to beef up its crypto team despite massive layoffs globally

Goldman Sachs to beef up its crypto team despite massive layoffs globally: The company’s digital asset lead Mathew McDermott said the bank remains highly optimistic about exploring blockchain applications. This is good for the crypto industry, as big companies are showing a rekindled interest in blockchain technology. Goldman Sachs, the renowned investment bank, has mentioned welcoming new talent, despite announcing its plans in January 2023 to cut a large number of its staff as a part of a cost-cutting exercise.

Though the cryptocurrency market has shown signs of slight improvement, hiring across the crypto verse has not improved much. The crypto industry has suffered massive layoffs following the 2022 market crash and the collapse of FTX. Early this year, Goldman Sachs reduced its headcount by 3,200. The massive reduction affected its junior, senior, and middle-level executives pertaining to the company’s banking units and core trading.

Cryptos, an essential part of the future of finance

Goldman Sachs to beef up its crypto team despite massive layoffs globally: In fact, Mathew McDermott, Goldman Sachs’ global head of digital assets, stated that the bank is ‘hugely supportive’ of blockchain applications, remains committed to building its crypto team, and is reportedly open to bolstering its 70-strong team in 2023. He further mentioned that the bank sees cryptocurrencies as an essential part of the future of finance and is dedicated to staying at the forefront of this rapidly evolving market.

Here, it must be mentioned that the international investment bank was seeking opportunities to purchase crypto firms that are sensibly priced, post-FTX fall, and is undertaking due diligence regarding the same.

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Which crypto firms announced job cuts?

Goldman Sachs to beef up its crypto team despite massive layoffs globally: Plunging deposits, high-profile bankruptcies, scams, and lawsuits brought turmoil to the crypto industry, thus forcing many leading companies to lay off their employees. As you know, Goldman Sachs is still open to crypto hires amid a massive 3,200 staff cut. This indicates that they are supportive of exploring blockchain applications.

In December, the global head of digital assets for Goldman Sachs, McDermott, also said the firm saw opportunities to buy crypto companies as they are priced more sensibly after the collapse of crypto exchange FTX.

Companies like Coinbase Global, Genesis, and Blockchain.com declared a reduction in their staff in the first two weeks of 2023. Even firms like Crypto.com, Houbi exchange, Gemini, Luno, and Silvergate Capital had to let go of their employees owing to the ongoing crypto contagion.

Goldman Sachs to beef up its crypto team despite massive layoffs globally

Quick Summary On Goldman Sachs to beef up its crypto team despite massive layoffs globally

  • Goldman Sachs announces its plans to hire an additional workforce.
  • The company laid off a large chunk of employees in January 2023.
  • The bank states that it is ‘hugely supportive’ of blockchain applications.

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