Trending: Crypto Exchange Coinbase to Cut Jobs, Restructure

12:53 ET -- Coinbase Global Inc. is one of the most talked about companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The cryptocurrency exchange plans to eliminate 20% of its staff, or about 950 positions, and make other cost cuts to reduce operating expenses by 25%. Coinbase, which had about 4,700 employees as of the end of September, cut its headcount by about 18% last year. The company said it will book charges of $149 million to $163 million for restructuring. "We need to make sure we have the appropriate operational efficiency to weather downturns in the crypto market and capture opportunities that may emerge," said Coinbase Chief Executive Brian Armstrong. The company remains well capitalized, "and crypto isn't going anywhere," he added. Dow Jones & Co. owns Factiva. (jennifer.tershak@wsj.com)

(END) Dow Jones Newswires

January 10, 2023 13:08 ET (18:08 GMT)

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