Ex-JPMorgan MD quits Goldman alumni's crypto trading firm
A few years ago, digital asset trading company GSR was one of the most exciting companies operating in finance. Founded by two Goldman Sachs alumni, it was ahead of the game on Bitcoin's rise. But as the crypto industry at large undergoes some growing pains, GSR has lost one of its most senior employees: a former JPMorgan MD.
Michael Bressler, who was JPMorgan's head of western region sales and marketing, joined GSR as it was approaching the peak of its popularity in mid-2021 as its global head of sales. Bressler came with a high pedigree: as well as his time at JPMorgan, he'd been a trader at both Goldman Sachs and hedge fund Millennium. He moves now from LA to New York as he joins FX asset manager PIMCO as an executive vice president.
In 2021, we spoke to Bressler shortly after he joined GSR. At the time, he said they expected to hire in batches of 100 every six months. Today, GSR are advertising just three roles on their careers page. However, they still employ a number of big names, including John MacDonald, former Europe CTO of Citadel Securities.
With PayPal launching a stablecoin, Hong Kong passing regulation and Ripple winning a landmark SEC case, things are looking up for crypto. Ironically, the new era could actually harm electronic market makers like GSR by reducing volatility.
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