Major European banks are ramping up AI recruitment efforts, but UK banks are having a hard time competing with their US rivals

Early industry research by Evident shows that major European banks are ramping up AI recruitment efforts, but UK banks are having a hard time competing with their US rivals.

According to a new study on AI talent and hiring trends from JPMorgan Chase & Co.'s intelligence and benchmarking platform, JPMorgan Chase & Co. is seeking to assert AI dominance in the global banking industry.

JPMorgan Chase & Co.recruited twice as many AI-related jobs as any competitor between February and April 2023, offering 3,651 positions, compared with 1,754 advertised by Citigroup report, 1,374 by Barclays and 1,268 by Deutsche Bank. According to the AI Evident Bank Talent Report, the AI banking talent market grew by 4% between October 2022 and April 2023, during which time many banks have laid off various departments.

The 60 largest banks in North America and Europe currently employ about 46,000 people in AI development, data engineering, governance and ethics positions, and up to 100,000 global banking positions are involved in this, bringing AI to market.

Interestingly, 40% of AI employees in these banks have taken up their current roles as of January 2022. Research from Evident shows that several European banks, including ING Groep, Barclays and NatWest Group, are stepping up their AI recruitment.

In each case, AI-related vacancies accounted for more than 30% of their open job descriptions, demonstrating the strategic importance of AI for every bank at a time when European banks there is a widening gap in IA with its North American rivals - as noted in the opening report.

Alexandra Mousavizadeh, co-founder and CEO of Evident, said: “JPMorgan Chase is investing heavily in AI, but it's not the only major bank ramping up its recruitment efforts. Recruiting in the industry is going on in full swing. AI is the only banking sector with a growing workforce, and our data shows that banks are competing fiercely for top talent.

As the global financial services powerhouse, JP remains its weakness when it comes to supporting domestic banks’ AI hiring efforts. History seems like is still repeating itself, with AI reinforcing the global power dynamics in banking industry over the past decades.