Ex-Goldman Sachs Exec Joins Anchorage Digital Board

Anchorage Digital, an institutional crypto custody platform, has appointed Connie Shoemaker, a former Goldman Sachs executive, to its board of directors.

The company announced in a statement that the former Chief Administrative Officer of Goldman Sachs will join the current independent board members. She further stated that she would contribute her distinctive viewpoint on banking regulation and compliance.

Shoemaker is presently the Chief Operating Officer and Chief Financial Officer of Bridgewater Associates Holdings, the parent company of Bridgewater.

Nathan McCauley, President of Anchorage Digital Bank, stated, “The recent appointment of a seasoned leader such as Connie to the board of Anchorage Digital Bank is the latest example of our dedication to developing the most regulated offering for institutions involved in crypto.”

Anchorage Digital Bank, a federally chartered crypto-focused bank, focuses predominantly on custodial service and trust. The bank recently introduced a crypto settlement network for institutional clients interested in expanding their digital asset trading activities.

Shoemaker was the global director of Goldman Sachs’ strategy function, responsible for developing new business initiatives throughout the organization. The statement also stated that she was responsible for expanding Goldman Sachs’ asset management business.

“At Anchorage Digital, I have observed remarkable expansion.” I am delighted to announce my appointment to the board of Anchorage Digital Bank. My experience establishing a bank at the exact type of institution Anchorage Digital targets will enable me to contribute to the organization’s continued expansion.

Anchorage Digital Cut Off: 20% of Staff in 2023

In June of last year, the crypto custody firm terminated 75 employees, which accounted for approximately 20% of its workforce. The company attributed the termination to regulatory uncertainty.

The Anchorage in San Francisco has also encountered complications with US regulators. In 2022, the Office of the Comptroller of the Currency contended that the bank’s compliance program was deficient in internal processes and personnel, including money-laundering controls.

The authority also asserted that the bank neglected to implement critical controls to prevent money laundering and report suspicious activities.