European banks are putting "AI" in 30% of their job ads

As AI has become the buzzword of 2023 (we even launched a report on it), banks and financial institutions are keenly aware that they must keep up to date.

In fact, AI-related hires currently account for over 30 per cent of the open job ads at some of the largest European banks like ING Groep, Barclays and NatWest, according to the AI Talent Report for Banks by Evident.

But while banks are racing to hire and invest in artificial intelligence, the EU yesterday voted to pass its AI Act which could limit the technology.

The AI Act is the first piece in a series of complex legislation designed to improve transparency around AI development, but which could also slow its use in Europe.

According to Evident, there’s already a talent war raging between the world’s largest banks, which the US appears to be winning.

JP Morgan Chase was the largest recruiter of AI-related roles between February and April 2023, advertising for 3,651 roles, compared to just 960 by Barclays.

“JPMorgan Chase is making huge investments in AI, but it’s not the only big bank stepping up its hiring efforts,” said Evident CEO and co-founder Alexandra Mousavizadeh.

“There’s been a flurry of recruitment activity across the industry. AI is the one area of banking where people are being brought on in growing numbers, and our data shows that banks are competing ferociously to secure the best talent.”

Across the 60 largest North American and European banks that were included in the research, around 46,000 roles were identified in the fields of AI development, data engineering, governance and ethics.

Of these employees, 40 per cent have started their current role since January 2022, demonstrating the accelerating pace of change.