Goldman Sachs' partner's banking reversion after crypto excursion
It wouldn't be fair to say that all bankers have switched their stance on crypto; some high ranking people are still moving into the sector. However, there are also people who look like they're done with crypto for the moment and they include Ronnie Wexler, a former partner at Goldman Sachs.
Wexler was most recently the NY based co-head of Americas equities distribution and execution at Goldman. He left the firm in August of 2020 to join NYDIG, a bitcoin infrastructure fintech, as global head of business development. Yesterday, he made his return to TradFi, in a job similar to the one he left nearly three years ago - he's becoming global head of equities distribution at Barclays.
While Wexler's new global role suggests time in crypto doesn't impact ability to get a big job back in banking, the fact that it has nothing to do with crypto isn't a great ad for the sector's future.
Nor is Wexler the only person leaving NYDIG. Various hires made in the past few years have moved on, and not always into more auspicious roles. Stefan Dullinger joined NYDIG from Morgan Stanley, where he was an associate and left to become a Nomura... associate. 😨
Former NYDIG technologists have fared better. Ian Fitzgerald joined NYDIG from Capital One where he was a data engineer in anti-money laundering. He left in January to become a data engineer at hedge fund Balyasny, working in their commodities division.
Perhaps the shortest senior stint at the fintech belongs to Alex Stelmachonak. He left his role as a test automation architect at Millennium to join NYDIG and just eight months later left for Citi. He was named chief architect of their test automation engineering platform.
Not all NYDIG alumni have distanced themself from crypto however. Rob Trefz Williams worked on platform solutions for the firm for over a year and was named a director of product strategy for the digital assets arm of Fidelity Investments. Crypto trader Patrick Liou stayed at a crypto native firm, joining Gemini in March.
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