Genesis cuts 30% of staff in latest round of layoffs
Quick Take
- Genesis cut 30% of staff today, a source familiar with the matter told The Block.
- The firm’s interim CEO said it needs more time to address issues with its troubled borrowing and lending unit.
Genesis Trading began a new round of layoffs, reducing its workforce by 30%, a source familiar with the matter told The Block.
"As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally. These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated team as we continue to work to identify the best outcome for Genesis’s business, clients and employees for the long-term," said a spokesperson for Genesis.
The firm told clients this week that the company is working toward finding a solution for its borrowing and lending unit but will need more time. The crypto lender halted withdrawals and new loan originations amid the FTX fallout in November.
"While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time," interim CEO Derar Islim wrote in a letter to clients obtained by The Block.
Former Chief Executive Officer Michael Moro stepped down with immediate effect on Aug. 17. The firm reduced headcount by 20% at the same time, saying it planned to "align our organization to our strategic priorities."
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