According to recent reports, Goldman Sachs is still open to crypto hires amid a massive 3,200 staff cut. The company’s digital asset lead Mathew McDermott said the bank remains highly positive about exploring blockchain applications. This is good for the crypto industry, as big companies are showing a rekindled interest in blockchain technology.
Goldman Sachs is ready for crypto hires despite recent massive cost-cutting.
Goldman Sach’s digital assets unit is reportedly open to bolstering its 70-strong team, despite a massive cost-cutting exercise last month that will see 3,200 employees clear their desks.
Mathew McDermott, global head of digital assets for one of the largest investment banking companies, Goldman Sachs, said the bank is still hugely supportive of exploring blockchain applications and that the digital asset division is ready to hire crypto developers as much as they need this year. The executive made these comments in Hong Kong to Bloomberg last week, noting that the digital assets have grown from four staff members in 2020 to nearly 70.
The firm’s supposed openness to increasing its crypto team comes despite its cost-cutting exercise of kicking out 3,200 employees last month, its largest round of layoffs since the global financial crisis of 2008-09. Reports say that the cuts have impacted senior, mid-level, as well as junior-level executives and concentrated on its core trading and banking units.
In a presentation during Goldman Sachs 2023 Investor Day in NYC, Chief Executive Officer Denis Coleman said that part of the payroll cuts will also involve holding off on replacing departing employees this year, so they can instead focus on prioritising strategic hires.
Goldman Sachs may have bought some crypto companies in 2022
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.
He added that they are already doing their due diligence on some crypto firms. McDermott also mentioned that while fraud crypto exchange FTX was a poster child of the space, ultimately, the underlying tech behind the industry continues to perform.
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