Bitcoin and crypto winter: Goldman Sachs cuts investment

Bitcoin and crypto winter: Goldman Sachs cuts investment

austerity – GoldAdam Sachs It is on the list of victims of the gloomy economic environment that currently prevails. The bank plans to reduce its alternative investments after the fourth quarter of 2022.
Alternative investments decline at Goldman Sachs
According to a January 23 report from Reuters, Goldman Sachs’ wealth management arm will reduce $59 billion Alternative investments. This figure fell from $68 billion the previous year.
These alternative investments were divided into two. Equality ($15 billion), loans ($19 billion), debt securities ($12 billion), and other investments. Goldman Sachs in 2021, It exposes its wealthy clients to cryptocurrencies through derivatives or by investing in industry players.
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A year in crypto winter sign 2022
Goldman Sachs’ head of investment, wealth and wealth management told Reuters. Julian Salisburyannounced drop “Gains in portfolio compared to 2021”, which refers to a less dynamic environment for selling assets in the second half of last year.
He also announced Goldman Sachs is planning give up their positions in the next few years. Foreign capital will replace some of these funds. Julian Salisbury speaks of “a significant drop from current levels” even as alternative investments are made. will not drop to zero. Goldman Sachs reportedly plans to continue investing “in and alongside funds, as opposed to individual transactions on the balance sheet.”
Struggling banks distance themselves from cryptocurrencies
The bank will reveal details of its asset management plan on Investor Day on February 28. These liquidations, especially in alternative investments, came at a time when Goldman Sachs and other banks were facing difficulties.
Goldman Sachs’ net income from asset and wealth management, according to results announced the week of January 16 39% down in the fourth trimester. income from investments Equality and related decreases were recorded in debt securities. 93% and 63%.
The massive layoffs the company has had to operate are another indicator of the extent of the difficulties the bank is currently facing. Goldman Sachs is leaving more than 3,000 This is the largest staff cut in terms of affected positions for which the company operates. Since the 2008 financial crisis.
In January last year, the former CEO of Goldman Sachs stated: The crypto age is coming. Given the evolution of the context since then, will the bank continue to invest in cryptocurrencies with a plan to reduce alternative investments?
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