Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Binance Begins Firing Staff: Details

Published 2023-05-31, 11:55 a/m
Updated 2023-05-31, 01:16 p/m
Binance Begins Firing Staff: Details

Binance Begins Firing Staff: Details

U.Today - Citing numerous sources confirming it, Chinese crypto journalist and blogger Colin Wu shared on his Twitter handle that the largest crypto trading venue, has begun laying off its staff.

Binance dismisses large portion of its staff

The amount of employees it plans to dismiss remains uncertain so far, Wu says, but out of the current 8,000 workers, he expects that this figure may reach as high as 20%. Binance has not responded to his request for comment on the situation.

Wu then continued that compensation to the laid off staff members will be given based on "situations in different places." Still, despite this, some Binance departments continue to hire new workers. The reasons behind the layoffs could be, per Wu, related to the poor cryptocurrency market overall now and the large expansion of Binance over the past few years.

Goldman Sachs (NYSE:GS) prepares for more layoffs

According to a CNBC report, Goldman Sachs banking giant is also going to begin laying off employees, preparing for the third round of redundancies since September of last year.

This is the result of a decline in deal activity, the article says. The bank intends to reduce its staff by about 250 jobs within the upcoming weeks, according to a source cited by CNBC.

The company was one of the first enterprises on Wall Street who began firing staffers in September, reducing the staff by several hundred positions. Another round of layoffs followed in January — approximately 3,200 workers were dismissed. According to earlier CNBC reports, two other banking behemoths — Morgan Stanley (NYSE:MS) and JP Morgan Chase (NYSE:JPM) — cut down their staff of employees by 3,000 and 500 this month, respectively.

As of the end of March, Goldman Sachs had slightly more than 45,000 employees in total. This was 6% less than in Q4 of last year.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.