Happy new year to everyone. As we start 2023, we want to thank you for your continued support of Genesis throughout a very turbulent 2022. We also want to provide a brief update on our business generally, our pursuit of options for our lending business and the work we are doing to strengthen Genesis.
Our derivatives and spot trading businesses remain fully operational and are serving our clients’ trading needs as they always have. We are proud to offer the highest service levels in the industry and continue to provide a breadth of services to fulfill customers’ trading and investment needs.
We remain focused on finding a solution for our borrowing and lending intermediation business and reaching the best outcome for all affected clients. We continue working with our advisors, in collaboration with DCG and advisors appointed by various client groups, to evaluate options to preserve client assets and move the business forward.
While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time. We believe we can arrive at a solution. We will continue to give you updates on meaningful developments, including any updates on timing.
As a key element in this process, we have made significant progress in refining our business plans for Genesis’ client offerings. This includes reducing costs and driving efficiencies in all our business lines. We believe our continued focus on further sharpening our business will move us in the right direction as we begin the new year, as well as providing more options for working out the lending business.
As we start 2023, we continue to offer clients the white glove service that we always have in our trading business and appreciate our lending clients’ patience as we make progress toward an equitable solution.
Thank you again for your partnership.
Interim CEO, Genesis