Goldman Sachs' digital assets unit is reportedly keen to bolster its 70-person team, despite a massive cost-cutting exercise at the company last month that will see 3,200 employees clear their desks.
Mathew McDermott, Global Head of Digital Assets at Goldman Sachs saying 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 asset team has grown from just four staff members in 2020 to around 70 today.
The supposed opening of the company to strengthen your crypto team It comes despite the company cutting as many as 3,200 jobs last month, its biggest round of layoffs since the 2008-2009 global financial crisis.
The cuts have reportedly affected senior, mid and junior level executives and have been concentrated in its core business and banking 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 saying part of the payroll cuts will also mean delaying the replacement of employees leaving this year, so he can focus on "prioritizing strategic hires."
#Goldman Sachs now smaller than #Morgan Stanley for nearly $40 billion
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Remember $GS IPO'd on 4XBook is now worth 4 times LESS pic.twitter.com/v9pQ70aOFwโSusan Li (@SusanLiTV) February 28, 2023
Related: Crypto layoffs slow, with layoffs falling to 570 in February
In December, McDermott said the firm was looking at opportunities to buy crypto companies that they are โmore sensibly pricedโ after the collapse of crypto exchange FTX, adding that they are already doing their due diligence on some crypto companies.
He noted that while FTX was a "poster child" of the space, ultimately the underlying technology behind the industry "still works."
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