The global co-head of operations for Goldman Sachs’ markets business has left for a new job in crypto, as executives responsible for hundreds, if not thousands, of employees at large banks are increasingly making the move across to the emerging sector.
Roger Bartlett, a 16-year veteran of Goldman and a managing director at the firm, is joining crypto exchange Coinbase to run its financial operations, he said in a LinkedIn post announcing his appointment.
“The inspiring purpose-led mission to create economic freedom in the world, in a customer first, automation first approach is a once in a lifetime opportunity to be part of building the next stage of the digital evolution,” he said.
READ Meet six former bankers who quit for crypto: ‘My phone rings off the hook’
As co-head of operations for Goldman Sachs’ global markets business, Bartlett oversaw a team of around 2,500 employees responsible for the back office functions of its sales and trading businesses.
Crypto is an increasingly attractive option for executives at large investment banks, Financial News has reported, based on conversations with bankers who have made the switch and specialist headhunters.
Chris Perkins, a former Citigroup executive who had around 725 staff reporting into him, left in September to become president of crypto investment firm Coinfund. He told FN that he was getting contacted by “some of the smartest minds in finance” about how to make the transition into digital assets.
READ Why BlackRock and other ‘tradfi’ titans could struggle to win over crypto traders
Annabelle Huang, a managing partner at Hong Kong-headquartered crypto trading platform Amber Group, who previously worked in trading at Deutsche Bank and Nomura, said: “I’m personally getting a lot of phone calls from people who I used to work with. Four years ago, they were mostly asking me, ‘What is wrong with you?’ and now, they’re asking me, ‘How can I be a part of it?’”
In May, Coinbase hired Goldman’s former co-head of government affairs Faryar Shirzad as its new chief policy officer to help with lobbying efforts.
Revenues at the exchange jumped to $2.5bn in the fourth quarter of 2021, ahead of the $2bn expected by analysts. It ended 2021 with 3,730 employees — more than three times the number of staff it had in 2020.
To contact the author of this story with feedback or news, email Paul Clarke