JP Morgan is leading the field in AI recruitment as banks around the world race to capitalise on the opportunities created by the new technology.
According to a new report from consultancy Evident, JP Morgan is hiring twice as many AI-related jobs as its rivals.
The Wall Street giant advertised 3,651 jobs in AI between February and April 2023. This compared to 1,754 for Citi, 1,374 by Barclays and 1,268 by Deutsche Bank, the three closest challengers.
Alexandra Mousavizadeh, chief executive of Evident, said:“JPMorgan Chase is making huge investments in AI, but it’s not the only big bank stepping up its hiring efforts. There’s been a flurry of recruitment activity across the industry.”
Across the sector, the market for AI banking grew by four per cent between October last year and April this year. This came in a period in which many banks were making substantial layoffs across multiple divisions.
The 60 largest North American and European banks now employ around 46,000 people in AI development, data engineering and governance and ethics roles.
“AI is the one area of banking where people are being brought on in growing numbers,” Mousavizadeh continued.
The data also points to a growing arms race between the banks, with talent-poaching rife among lenders. 22,000 employees working on AI came from other banks, the data shows. This was more than any other sector.
US banks have been particularly proficient at poaching AI talent, with UK banks feeling the pinch.
London’s position as an international financial hub has meant it is difficult for UK banks to attract domestic talent. The research shows that alumni from the UK’s top universities are more likely to end up working at large US banks rather than domestically.
Mousavizadeh commented that “the UK’s strength as a global financial services powerhouse remains its weakness when it comes to supporting domestic banks’ AI hiring efforts.”