A managing director is said to have quit Goldman Sachs in London after making millions at Dogecoin.
Sources say that Aziz McMahon, a managing director and head of emerging market sales at Goldman Sachs in London, has resigned, allegedly after making money on Dogecoin the cryptocurrency championed by Elon Musk whose value rose 72 times between the start of January and late last week.
Neither Goldman Sachs nor McMahon immediately responded to a request to comment on his exit, but colleagues confirmed his departure. It's thought that he may be starting a hedge fund. His move comes after Elon Musk said he plans a Dogecoin-funded space mission next year, and while banks are slowly getting their crypto credentials on the table. Goldman Sachs executed its first bitcoin derivative trades last week and UBS is reportedly in the early stages of making digital currency investments available to clients.
McMahon isn't alone in heeding the call of crypto. Luyi Zhang, a former senior quantitative analyst at Bank of America in New York has just joined Coinbase as a senior software engineer. Jesse Bornstein, who launched Nomura's trade finance business in New York recently quit to become VP of institutional sales at Stakehound, a company that issues tokens allowing owners access to decentralized finance.
As we reported in April, crypto exchanges and platforms are hiring hundreds of people. Bank employees are responding to their call. "There has been a steady migration of talented programmers, quants, traders, and executives into the crypto space over the past four to five years, many of whom have come from elite banks, funds, and trading firms and are starting their own companies," headhunter Kevin Cassata at Carbon Agency recently told Business Insider.
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