TLDR:
Key Points:
- Hiring of AI experts in the banking industry slowed in the first quarter of 2024 compared to the previous year.
- However, there has been a recent resurgence in AI hiring, with banks posting record numbers of ads for AI-related jobs.
AI Hiring Slowed for Banks in First Quarter, But It’s Picking Up Again
Interest in advanced artificial intelligence remains high, with the Pope even cautioning about AI-based decisions at a recent G7 meeting. Despite this, AI hiring in the banking industry declined by 37% in the first quarter of 2024 compared to the previous year. However, recent research shows that banks have resumed their quest to hire AI talent, with job postings reaching record numbers.
The slump in AI hiring was attributed to overall sector-wide cost cuts, a period of uncertainty, and the need to centralize systems and test popular AI models. However, the trend is reversing, with AI hiring increasing by 12% in the first quarter of 2024 compared to the previous quarter.
Leading banks such as JPMorgan Chase and Capital One are now actively hiring for AI implementation talent, with JPMorgan Chase posting ads for 4,000 AI-related jobs and Capital One posting about 1,500.
Banks are primarily hiring recent college graduates, with 62% of new AI hires fresh out of school. The quest for AI talent is expected to intensify in the future, with discussions about rising salaries and high demand for AI experts.
Overall, while AI hiring in the banking industry experienced a temporary slowdown, the sector is now on track to recruit more AI talent to drive advanced artificial intelligence initiatives.