US Banks Lead in AI Talent Growth

In a recent survey by Evident, it was found that US banks have significantly outstripped their European counterparts in the acquisition and expansion of AI talent within the banking sector, as outlined in Fintech Global. Between November 2023 and April 2024, there was a notable 14% increase in AI implementation staffing, a growth rate that doubles the overall headcount increase in these institutions.

Evident’s «AI Talent Capability Dispatch» report highlights that a staggering 68% of the new AI roles in the US focused on implementation capabilities, starkly contrasting with 47.3% in Europe. This trend underscores the aggressive strategy of US banks in enhancing their AI capabilities to move from planning to full-scale production.

Leading the pack in the US is JPMorgan Chase, which boasts 5.7 times more AI professionals than the average bank. Close on its heels, Capital One has 12% of its workforce engaged in AI-related tasks. In Europe, Deutsche Bank leads with a 26.7% increase in its global AI talent, significantly above the index average, followed by significant growth at Santander and ING, the latter establishing major AI hubs in Romania.

Alexandra Mousavizadeh, Co-Founder and CEO of Evident, emphasized the strategic importance of AI in banking, stating, «AI is starting to move from the lab to the front office, with the leading banks focusing on finding the right talent to implement AI and make it work for the bottom line.» She highlighted the dominant position of the top 10 banks, which «currently account for 51% of the overall banking industry talent pool—a huge advantage when it comes to AI adoption.»

Mousavizadeh also noted the potential challenges for banks lagging in AI adoption, «This concentration of AI talent has real consequences. If the banks that lag behind cannot close the gap, the race to implement AI will become an uphill struggle.»

This disparity in AI talent growth between US and European banks points to a widening gap that could have long-term implications on the competitive landscape of the banking industry.