Coinbase is cutting people it hired from JPMorgan
Coinbase's presentation of its financial results for 2022 is coming this week. Expectations have been marred by the unexpected second round of layoffs in January following a mass round of layoffs in the middle of last year.
Some of those cuts are only just coming into effect.
In recent, multiple senior Coinbase staff have announced that they are one of the many let go in the second round. One of them is London engineering manager Gordon MacDonald.
MacDonald previously spent 18 years at JPMorgan where he became a technical lead for API strategy and platforms. He spent just 11 months at Coinbase where he established the EMEA international engineering group.
He's not the only ex-JPMorgan technologist to go. New Jersey-based David Winig spent five years at JPMorgan as head of site reliability engineering for macro technologies. He joined Coinbase in April 2022 and left again in January 2023.
It's not just JPMorgan tech guys who are being let go at the crypto exchange. A number of senior FAANG and fintech engineers have also left. They include Matthew Dressman, formerly Microsoft's principal engineer for Microsoft Teams, and Urmil Shah, an engineering manager that spent over 13 years at Bloomberg.
Layoffs continue outside their engineering departments also. This week, senior community operations analyst Samantha Costa said "after a month of a tiresome consulting process, I'm officially part of this year's tech layoff statistics."
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