Coinbase retracts job offers to recruits from Wall Street's biggest banks

Coinbase Global ballooned to 4,948 full-time employees from about 1,700 just a year ago. PHOTO: REUTERS

NEW YORK (BLOOMBERG) - Individuals from at least 10 of the biggest financial firms left Wall Street to join Coinbase Global only to have the company rescind their employment offers.

Goldman Sachs Group, Morgan Stanley, BlackRock, Wells Fargo and Citigroup were among the banks that people departed to join Coinbase, according to a talent directory posted by the company. They are part of a group who last week received an e-mail from the largest US cryptocurrency exchange rescinding offers and announcing a freeze on hiring for the "foreseeable future".

A Coinbase spokesman declined to comment, instead pointing to a June 7 blog post by the company's chief people officer announcing a new talent hub to help the affected individuals. So far, more than 300 individuals have appeared in the portal.

Coinbase was also hiring software engineers from banks including Credit Suisse Group, Capital One Financial and Goldman Sachs, as well as hedge funds Millennium Management and AQR Capital Management. Several tech companies, including Uber Technologies, Amazon.com, Meta Platforms, Twitter and TikTok, were also listed in the hub.

Coinbase cited market conditions and ongoing business "prioritisation efforts" for forcing it to freeze hiring. Along with the plunge in crypto prices, Coinbase shares have tumbled by more than 70 per cent since its April 2021 initial public offering.

The company ballooned to 4,948 full-time employees from about 1,700 just a year ago.

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