When the first cryptocurrencies, such as bitcoin, started gaining traction, many banks initially dismissed them as virtual assets with no intrinsic value. Today, requests from clients have changed the minds of some of those banks, such as Goldman Sachs.
Just recently, Goldman Sachs reduced the number of employees on one of its major trading desks from 500 a few years ago to merely three. The bank is making huge shifts towards more investment in technology and reducing its headcount
Recovery in Europe is picking up. In the United States, the conditions seem to be also favorable for businesses with lower taxes, with low unemployment rates providing disposable income and driving demand.