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Goldman Sachs still open to crypto hires amid massive 3,200 staff cut

Goldman Sachs digital asset lead Mathew McDermott said the bank remains “hugely positive” on exploring blockchain applications.

Goldman's digital asset unit reportedly wants to boost its team of more than 70 people, although the company launched a massive cost reduction last month, removing 3200 employees from office desks.

Michael McDermott, global head of digital assets at Goldman Sachs, said the bank remained "fully supportive" of exploring blockchain technology and that digital asset units would recruit people "on a case-by-case basis" this year.

The executive, who made the comments to Bloomberg News in Hong Kong last week, stressed that the digital assets elite team has gradually grown from four employees in 2020 to about 70 today.

Although the company cut as many as 3200 jobs last month, the largest round of layoffs since the international financial crisis of 2008-2009, the company has an open mind about boosting its login password elite team.

According to one industry source, the layoffs reportedly seriously affected high-end, junior and junior executives, and were centralised in key trading banking divisions.

According to reports, in a speech given by Goldman Sachs on New York City Investor Day in 2023, Chief operating Officer Dennis Coleman said that part of the layoffs will also include delays in the replacement of employees who are about to resign this year. In this way, he can devote himself to "giving priority to the development strategy."

Last December, McDermott showed that after the bankruptcy of FTX, a password trading center, the company saw a good opportunity to recycle "more scientifically priced" password companies, adding that it had conducted financial due diligence on some of its password companies.

He stressed that while FTX is a "role model" in this area, in the final analysis, the underlying technology behind it "continues to be primarily demonstrated".

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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