Goldman Sachs Cuts 3,200 Jobs But Commits to Crypto Hiring

• Goldman Sachs announced plans to cut around 3,200 staff in January 2023, but remains committed to hiring new talent in the crypto space.
• The bank has already invested in crypto-related companies and offers its clients exposure to cryptocurrencies through various services.
• Goldman Sachs’s global head of digital assets Mathew McDermott stated that the bank sees cryptocurrencies as an essential part of the future of finance and is dedicated to staying at the forefront of this rapidly evolving market.

Goldman Sachs Cost Cutting Exercise

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 remains open to hiring new talent in the cryptocurrency space.

Goldman Sachs’ Crypto Interest

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. As cryptocurrencies grow in popularity and mainstream acceptance, other major financial institutions are expected to follow suit and ramp up their efforts.

Goldman Sachs Open To Crypto Hires

Despite the recent staff cuts, Goldman Sachs’s commitment to the crypto market shows it is still keen to expand its presence. According to Mathew McDermott, Goldman Sachs’ global head of digital assets, the bank remains committed to building its crypto team and actively seeks new hires. McDermott also stated that the bank sees cryptocurrencies as an essential part of future finance and is dedicated to staying at the forefront of this rapidly evolving market. He revealed that as of 2020, their digital assets team had only four members but has grown significantly since then with a 70-member capacity.

Crypto Market Expectations

Positive expectations have been set for confident crypto analysts who believe that crypto firms’ adoption of digital currencies will significantly increase in 2023; another anticipation being decentralized finance (DeFi) intending to be a substitute for traditional financial institutions.

Goldman Sach’s Plans For More Crypto Exposure

The news from Goldman Sach’s comes amid these positive expectations; although they layoff more than 3,000 employees in January 2023 they remain dedicated with strengthening their crypto team as well as increasing their exposure by hiring more talent within said field.