Binance Begins Firing Staff: Details

Citing numerous sources confirming it, Chinese crypto journalist and blogger Colin Wu shared on his Twitter handle that the largest crypto trading venue, Binance, 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.

SCOOP: According to multiple sources who confirmed to WuBlockchain, Binance has started layoffs, and the proportion is still uncertain.

The total number of Binance employees is about 8,000, market rumors that the proportion of layoffs in June was about 20%. As of press time,…

— Wu Blockchain (@WuBlockchain) May 31, 2023

Goldman Sachs 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.

Brutal--and not rookies https://t.co/zIzeHLxWPL

— Jim Cramer (@jimcramer) May 31, 2023

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 and JP Morgan Chase — 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.