Вештачка интелигенција

Banking Institutions on Wall Street Compete for Top AI Talent

Summary

Banking institutions on Wall Street are making efforts to attract the best experts in the field of artificial intelligence (AI). According to a report by Bloomberg, a survey conducted by consulting firm Evident revealed that Goldman Sachs lost 60 AI […]

Banking Institutions on Wall Street Compete for Top AI Talent

Banking institutions on Wall Street are making efforts to attract the best experts in the field of artificial intelligence (AI). According to a report by Bloomberg, a survey conducted by consulting firm Evident revealed that Goldman Sachs lost 60 AI specialists who transitioned to rival banks such as Morgan Stanley and Citigroup in the 12 months leading up to September. This represents the highest exodus of experts among major competitors. While this number is small compared to Goldman Sachs’ total workforce of nearly 46,000, it sheds light on the fierce competition for top AI professionals.

Evident’s research covers roles in AI development, model risk management, data engineering, and software development, highlighting the intense race for expertise in artificial intelligence. Although the number of departures among the thousands of AI experts in banks is small, these positions are highly sought after and often come with the highest salaries. Last year, the average compensation for AI-related roles in the United States was $901,000, while their counterparts in Europe earned $676,000, according to a report by Heidrick & Struggles. The data presented by Evident does not include the hiring of AI experts directly from universities and consulting firms.

To attract top AI professionals, Goldman Sachs is actively recruiting new talent. However, the exodus of experts underscores the intense competition in this field. Other banks, such as Bank of America and Wells Fargo, have also experienced changes in their AI teams. Bank of America lost 55 employees, while Wells Fargo saw the largest increase with 130 new hires. Although JPMorgan Chase & Co. lost 224 AI specialists, they added 325 new ones during the same period, ensuring one of the largest talent increases among competitors.

AI has become an integral part of the strategies of leading banks, with JPMorgan’s CEO, Jamie Dimon, stating that he believes AI will enable employers to reduce the work week to just 3.5 days. The importance of AI has also been recognized at Citigroup, which plans to enable its 40,000 programmers to experiment with various AI technologies by the end of the first quarter.

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