Goldman Sachs shifts focus towards digital assets, plans to expand its Crypto team

Goldman Sachs shifts focus towards digital assets, plans to expand its Crypto team

Like many other multinational companies, Goldman Sachs has slashed its staff by around 3,200 employees which includes senior, junior, and middle executives. The trend of massive layoffs followed by Goldman Sachs was seen as a tough step to implement due to worldwide criticism. 

However, the company is now considering recruiting new employees to expand its business in digital assets. Goldman Sachs, which was hesitant to enter the crypto market, is now set to boost its 70-strong professionals who will manage this department.

According to sources, the company wants to hire employees who can understand the current trends in the digital asset world and help the company grow in this domain. This move by Goldman Sachs was anticipated because more and more people are taking an interest in crypto trading, and the business is growing tremendously.

Some view this decision as a company trying to clean its image of massive employee layoffs in society, but the actual reason is that Goldman Sachs wants to shift its focus more and more toward the crypto business. 

Goldman Sachs is trying to present itself as transparent and more tech-savvy by recruiting employees to manage its crypto assets. In the 2008 financial crisis, Goldman Sachs faced criticism and lost its credibility among its customers.

The company’s digital asset head, Mathew McDermott, hinted in December last year that they are exploring possibilities to deal with digital asset management companies. He also added that this is a very volatile business and they have to closely observe the trends in the crypto market.

However, it is not as easy as it looks because of the current shaky market in the crypto world where already established market players are facing big problems. In the end, it will be interesting to see how they will perform in the digital asset market.

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