Goldman Sachs’ digital asset section aims to expand its team of 70. It is believed that the development will take place despite the firm undergoing cost reductions previously which resulted in 3,200 job losses, as stated by Cointelegraph.
According to Cointelegraph, Mathew McDermott, global head of digital assets, Goldman Sachs, stated that the bank intends to be “hugely supportive” towards understanding blockchain. The executive emphasised on the digital assets team increasing from four employees in 2020 to nearly 70 currently.
On the basis of information by Cointelegraph, the firings have affected senior, middle and junior-level executives and concentrated on its core trading and banking operations. In a presentation during Goldman Sachs’ 2023 Investor Day at New York, Denis Coleman, CFO, Goldman Sachs, highlighted that payroll cuts will include holding off on replacing leaving employees this year.
Moreover, Cointelegraph noted that in December, 2022, McDermott spoke on the firm looking for opportunities to purchase crypto companies that are “priced more sensibly” post FTX debacle.
(With insights from Cointelegraph)