In January 2023, Goldman Sachs, a multinational investment bank, declare plans to cut around 3,200 staff as part of a cost-cutting exercise. However, despite this move, the bank remains open to hiring new talent in the cryptocurrency space.
Goldman Sachs has actively exploring crypto market over the past few years, investing in crypto-related companies and offering clients exposure to cryptocurrencies through various services. As cryptocurrencies grow in popularity and mainstream acceptance, other major financial institutions will follow suit and step up their efforts.
Golden Sachs is open to hire Crypto
Despite recent staff cuts, Goldman Sachs’ commitment to the crypto market shows it is still keen to expand its presence. according to according to Mathew McDermott, Goldman Sachs’ global head of digital assets, the bank remains committed to building a crypto team and is actively looking to hire new talent.
McDermott also stated that the bank sees cryptocurrencies as an important part of the future of finance and is dedicated to staying at the forefront of this rapidly growing market.
He revealed this information to Bloomberg in Hong Kong last week, stating that there has been an important increase in the digital assets team. He noted that in 2020, the team has only four members but has reached a capacity of 70 members.
This news comes in the middle positive expectations from a confident crypto analyst. Some believe that the adoption of digital currencies of crypto companies will increase in 2023. Another anticipation in the crypto space is the popularity of decentralized finance (DeFi), which intends to replace traditional financial institutions.
Golden Sachs Plans For More Crypto Exposure
Goldman Sachs’ plan to strengthen the crypto team comes amid staff cuts of more than 3,000 employees in January 2023. This is the biggest layoff of the company since the global financial crisis of 2008-2009, which affected the regular operations of certain organizations.
According to the source close to the case, massive layoffs in January have affected junior, senior, and middle-level executives committed to the company’s banking and core trading units.
In the 2023 presentation during the company Investor Day in New YorkGolden Sachs CFO Denis Coleman stated that the company will delay replacing the departing staff in order to properly plan and prioritize the following hiring process.
Previously, McDermott stated that the company is focused on buying digital currency companies at a more reasonable price after the incident of crypto exchange FTX. He also noted that he has already started the process and is pursuing efforts to buy several digital currency companies.
He added that although FTX has been a negative example in the crypto space, the industry will continue to move forward to benefit the masses.
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