Striking a Balance in Uncertain Times

Despite slashing 3,200 jobs in one of the largest layoffs since the 2008 financial crisis, Goldman Sachs is expanding its digital assets unit. It’s like deciding to plant a garden in the middle of a torrential downpour—bold, yet maybe a bit reckless. Mathew McDermott, the global head of digital assets, assured the financial world that the bank is still ‘hugely supportive’ of exploring blockchain applications.

From Four to Seventy: A Journey in Growth

Talk about a jump! Goldman’s digital assets team has ballooned from a meager four staff members in 2020 to a robust 70 today. It’s the kind of growth any startup dreams about—one minute you’re struggling with pizza dinners and late-night coding sessions, and the next, you’re polishing your corporate badge in the swanky office.

Prioritizing Strategic Hires Amid Layoffs

While the firm’s CEO David Solomon and CFO Denis Coleman are juggling financial strategy amidst job cuts, they’re keeping an eye on building the digital assets unit. Coleman mentioned holding off on replacing other departing employees to ‘prioritize strategic hires.’ It’s like going on a diet while still saving room for dessert—difficult but possible!

Opportunities Amidst Chaos

Just when you think the crypto world is crashing like your favorite streaming service during a big premiere, there’s a silver lining. McDermott hinted at opportunities to snag crypto companies that are now “priced more sensibly.” He’s searching for those undervalued gems, working through due diligence like a modern-day treasure hunter.

Tech Resilience in a Rocky Sea

Despite the controversies surrounding platforms like FTX, whose collapse left investors like a lost ship at sea, McDermott emphasized that the tech underpinning the asset class is still strong. He noted, “FTX was a poster child of the space, but the technology continues to perform.” So, while some might throw in the towel, Goldman Sachs is sticking to its guns and keeping the faith in the blockchain.