Latest banking news, October 7, 2022

October 7, 2022

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Michael Nagle/Photographer: Michael Nagle/Bloo

Usman Naeem announced on Wednesday that he is leaving his role as Group Managing Director of Goldman Sachs to join the institutional arm of Coinbase Global for its derivatives efforts. Naeem will serve as global head of derivatives sales and agency trading at Coinbase, led by Brett Tejpaul, according to a LinkedIn position by Naem. Based in London, he spent eight years at Goldman, most recently in equity derivatives. He also worked at Bank of America Merrill Lynch from 2009 to 2014, according to his LinkedIn profile. A Coinbase spokesperson confirmed the appointment with Bloomberg. Coinbase has been laying the groundwork to expand into derivatives for months. In January, Coinbase announced its acquisition of the FairX futures exchange, which is registered with US regulators. It is awaiting approval for its futures commission license to offer futures contracts directly to US users. In June, Coinbase extended the hiring freeze and dismissed 18% of the workforce as the market downturn worsened. People from major financial companies such as Goldman Sachs, Morgan Stanley and BlackRock, have been among them whose job offers have been canceled by Coinbase. The company has since renewed some hiring, including for its expansion abroad. — Yueqi Yang, Bloomberg News