As a consequence of a huge crypto market crash, a number of cryptocurrency organizations were forced to lay off a significant portion of their personnel. The laid-off workers are now in great demand elsewhere.
Bloomberg’s Aisha S Gani, William Shaw, and Anna Irrera wrote on September 16 that Wall Street banks seem to be hurrying to recruit discarded technology professionals, including those who were among the 1,100 employees let off by Coinbase, the biggest U.S. cryptocurrency exchange.
Goldman Sachs (NYSE: GS) is seeking a vice president for its digital assets legal group, a vice president for its digital assets software engineering division, and an associate for digital assets in consumer wealth management and private wealth management.
Moreover, JPMorgan’s (NYSE: JPM) $2.7 trillion asset and wealth management business arm is seeking a supervisor for its blockchain strategy, which includes crypto and digital tokens, as well as a product manager for its blockchain network Onyx Digital Assets, which covers debt and stocks.
Citi (NYSE: C) is also recruiting a director-level “digital asset risk manager for cryptocurrencies, stablecoins, and decentralized finance,” seeking candidates with expertise in decentralized finance (DeFi) projects and technology enterprises in addition to conventional banking.
Charlotte Richards, the head of talent acquisition at one of the biggest British challenger banks, Starling Bank, describes the rivalry for digital talent as “very fierce.” She clarified that:
“Software developers with the appropriate expertise and mentality who become unexpectedly available are likely to be in high demand.”
As Finbold observed, the extended bear market caused havoc throughout the crypto ecosystem over the previous several months, wiping out 25 digital asset exchanges in June, knocking $370 billion off the global crypto market value in a week, and causing huge layoffs and bankruptcies.