A recent report by Evident, the AI benchmarking and intelligence platform, reveals considerable growth in the competence and size of AI-centred talent within US and European banks during the past six months. According to Evident's AI Index, the mediums of AI talent within banks in these regions have accelerated by 9%, a growth rate double that of the overall headcount seen in the context of continuing layoffs.
The report highlights JPMorgan Chase's pre-eminence in AI talent volume where it surpasses the norm by a significant 5.7 times. In terms of AI talent density, Capital One leads, with a headcount relative to the overall figure, by 4.3 times. The report also notes the ambitious strides European banks, namely Deutsche Bank, Santander, ING, and Lloyds Banking Group, have undertaken in the past six months, showing exceptional growth in a bid to keep step with their US competitors.
In-depth exploration of the data discloses that the significant swell in AI talent within the banking sector is largely driven by roles designated to the Implementation phase. This crucial stage transfers AI from its preliminary scheming and development to a comprehensive production line. Data engineering, AI development, and model risk are among other significant roles that have noticed growth. The surge in AI talent focusing on the Implementation process is particularly prominent within the US banking sector, accounting for 68% of the net new AI talent.
Alexandra Mousavizadeh, Evident Co-Founder and CEO, indicates that AI is transitioning from the labs to the front office. She says, "the leading banks focusing on finding the right talent to implement AI and make it work for the bottom line. AI is viewed as a critical strategic priority, which is why the banks' AI talent volumes continue to grow at pace, seemingly immune from the ongoing reduction in force initiatives seen across the wider sector." The pronounced growth of banking roles designated to make AI a day-to-day, organisation-wide reality demonstrates the industry's faith in AI's potential to redefine banking.
The Evident report confirms that JPMorgan Chase leads the AI talent volume across 50 of the world's largest banks. They employ 5.7 times more AI staff than the average Index bank, accounting for 11.5% of all AI talent. Meanwhile, Capital One's AI talent density is 4.3 times higher than other Index banks, with 12% of the overall headcount working on AI initiatives.
However, in terms of absolute volume growth of AI talent, European banks Deutsche Bank, Santander, ING, and Lloyds Banking Group are rapidly filling up their ranks. Deutsche Bank has accelerated its global AI talent by a remarkable 26.7%; Santander has accelerated its AI talent density nearly 10 times the Index average; ING establishes Romania as its third-largest AI talent hub, following the Netherlands and Poland; and Lloyds Banking Group begins its journey by expanding Data Engineering capabilities at twice the pace of its UK counterparts.
Mousavizadeh cautions the banks lagging the AI race, "The top 10 banks for AI talent currently account for 51% of the overall banking industry talent pool–a huge advantage when it comes to AI adoption. This concentration of AI talent has real consequences. If the banks that lag cannot close the gap, the race to implement AI will become an uphill struggle."
