Latest banking news, 7 Oct. 2022 | Techy Kings

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Michael Nagle/Photographer: Michael Nagle/Bloo

Usman Naeem on Wednesday announced he is leaving his role as managing director at Goldman Sachs Group to join Coinbase Global’s institutional arm for its derivatives business. Naeem will serve as global head of derivatives sales and agency trading at Coinbase, led by Brett Tejpaul, according to a LinkedIn post by Naeem. 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 spokesperson for Coinbase confirmed the appointment with Bloomberg. Coinbase has been laying the groundwork to expand into derivatives for months. In January, Coinbase announced the acquisition of futures exchange FairX, which is registered with US regulators. It is awaiting approval for its futures commission merchant license to offer direct futures to US consumers. In June, Coinbase extended a hiring freeze and laid off 18% of staff as the market downturn worsened. Individuals from major financial firms such as Goldman Sachs, Morgan Stanley and BlackRock, are among those whose job offers have been canceled by Coinbase. The company has renewed some hiring, including for overseas expansion. — Yueqi Yang, Bloomberg News

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