Crypto trading firm quietly cut 44% of its New York staff
Crypto trading desk Genesis Global has been making significant changes to its business. It made cuts to its product offering last week when it announced it was shuttering its spot trading operations, but the fintech firm has also made substantial cuts to its headcount.
A WARN notice filed at the start of June revealed that Genesis was cutting 39 out of 89 people, roughly 44% of its headcount, from its Park Avenue office in New York. The cuts came into effect at the start of September.
This is actually the third round of cuts the firm has had in the past 13 months. It first cut 20% of staff amid the FTX and Three Arrows collapses last August, then cut 30% of those remaining in January. The company reportedly had 145 employees following the last round.
The initial round of cuts saw CEO Michael Moro exit. A permanent replacement has yet to be found over a year later, with ex-COO Derar Islam still holding an interim CEO position today. With the spot-trading shuttering raising issues over how Genesis will pay back its creditors, serious questions over Genesis' long term strategy may soon need to be raised.
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