Genesis Trading is preparing to lay off 30% of its staff.
The company took its place among the financial companies participating in the caravan of layoffs.
Genesis Reduces Workforce
A spokesperson for Genesis said in a statement:
“As we continue to meet unprecedented industry challenges, our company has made the difficult decision to reduce headcount. These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated team.”
The company spokesperson stated that they will continue to work to achieve the best results for their customers and employees in the long term.
The firm said in a letter to customers this week that the company is trying to find a solution for its credit unit but needs more time. The crypto lending firm halted withdrawals and new loan originations following the collapse of FTX.
“While we are determined to act as quickly as possible, this is a very complex process that will take some more time,” said Derar Islim, the company’s interim CEO.
The former CEO of the company, Michael Moro, announced his resignation on August 17, 2022. At that time, it also reduced the number of personnel by 20%.