Apparently, Goldman Sachs’ digital assets unit is willing to bolster its 70-person teamdespite the fact that last month the company carried out a massive spending cut that will force 3,200 employees to leave their jobs.
Mathew McDermott, global head of digital assets at Goldman Sachs, stated that the bank continues to “greatly support” the exploration of blockchain applications and that the digital assets division will hire “as appropriate” this year.
The executive made the comments in Hong Kong to Bloomberg last week, noting that the digital assets team has grown from just four staff members in 2020 to around 70 today.
The company’s alleged willingness to bolster its cryptocurrency team comes despite cutting up to 3,200 jobs last monthits biggest round of layoffs since the global financial crisis of 2008-2009.
The cuts affected high-, mid- and low-level executives and were concentrated in its main banking and bargaining units.according to a person with knowledge of the matter.
In a presentation during Goldman Sachs’ 2023 Investor Day in New York, Chief Financial Officer Denis Coleman reportedly said that part of the payroll cuts will also involve deferring replacing employees leaving this year, so he can instead focus on “prioritizing strategic hires.”.
#GoldmanSachs now smaller than #MorganStanley for almost $40B
CEO David Solomon being blamed for underperformance & wrong strategy
Holding 2nd ever Investor day
Targeting returns in mid-teens
May spin off or sell #consumer biz
Remember $GS IPO’d at 4XBook now worth 4 times LESS pic.twitter.com/v9pQ70aOFw—Susan Li (@SusanLiTV) February 28, 2023
#GoldmanSachs is now smaller than #MorganStanley by almost $40 billion. CEO David Solomon is being blamed for poor performance and the wrong strategy. The second day of the investor is celebrated. The yield target is the same as it was in the mid-10s. It can get out of control or sell the customers’ biz. Remember that the GS that had a 4XBook IPO is now worth 4 times less.
pic.twitter.com/v9pQ70aOFw
In December, McDermott said the firm was looking at opportunities to buy crypto companies that have “more sensible prices” after the collapse of crypto exchange FTX.adding that they are already doing their due diligence regarding some crypto companies.
noted that while FTX was a “poster child” of the space, ultimately the underlying technology behind the industry “still works”.
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