• In January 2023, Goldman Sachs announced plans to cut around 3,200 staff as part of a cost-cutting exercise.
• Despite this move, the bank remains open to hiring new talent in the cryptocurrency space.
• Goldman Sachs is actively exploring the crypto market, investing in crypto-related companies and offering its clients exposure to cryptocurrencies through various services.
Goldman Sachs Cuts Staff Yet Open To Crypto Hires
In January 2023, multinational investment bank Goldman Sachs announced plans to cut around 3,200 staff as part of a cost-cutting exercise. Despite this move, the bank still remains open to hiring new talent in the cryptocurrency space.
Commitment To The Crypto Market
Goldman Sachs has been actively exploring the crypto market over the past few years, investing in crypto-related companies and offering its clients exposure to cryptocurrencies through various services. Mathew McDermott, Goldman Sachs’ global head of digital assets noted that despite recent staff cuts, the team had only four members but has now grown to a 70-member capacity.
Growing Popularity Of Cryptocurrencies And DeFi
As cryptocurrencies grow in popularity and mainstream acceptance other major financial institutions will follow suit and ramp up their efforts. Analysts are optimistic that crypto firms’ adoption of digital currencies will significantly increase in 2023 alongside decentralised finance (DeFi).
Positive Outlook For Crypto Team Expansion
McDermott shared his positive outlook on expansion for Goldman Sach’s crypto team stating that they remain committed to building it and actively seek new hires. He revealed that they see cryptocurrencies as an essential part of the future of finance and are dedicated to staying at the forefront of this rapidly evolving market.
Cuts Amidst Global Financial Crisis
The news comes amid reports that Goldman Sachs has experienced its largest layoff since 2008-2009 global financial crisis which impacted regular operations of certain organizations. Sources close to case have noted that more than 3000 employees have been affected by these cuts on varying levels from junior staff all way up senior roles within company.