As AI becomes pervasive, financial institutions are on the hunt to win AI talent, with the big four U.S. banks commanding a comfortable lead. 

JPMorgan, Bank of America, Citi and Wells Fargo “represent a third [34 percent[ of all AI talent across the [top] 50 [global] banks” developing AI tech, Alexandra Mousavizadeh, chief executive at AI intelligence company Evident, told Bank Automation News. 

Evident ranked 50 global banks based on their AI efforts in its annual AI Index, published Nov. 15. JPMorgan topped the list, followed by Wells Fargo, fourth; Citi, ninth; and Bank of America, 15th.

The banks are in fierce competition with one another and other industries to attract AI talent, Mousavizadeh told BAN, noting that AI advancement is moving faster than the ability of the global workforce to register, respond and reconfigure itself. 

JPMorgan has over 300 uses for AI in production, according to the Evident report; it is looking to talent to support the tech development. 

The New York-based bank has allocated 1,000 people to data management and more than 900 data scientists to work on AI and machine learning, according to the bank’s 2022 annual letter to shareholders. 

“This group is focused on AI and ML across natural language processing, time series analysis and reinforcement learning, to name a few,” JPMorgan Chief Executive Jamie Dimon said in the letter. “We’re imagining new ways to augment and empower employees with AI through human-centered collaborative tools and workflow, leveraging tools like large language models, including ChatGPT.” 

AI implementation 

In the past 18 months, the big four banks implemented the following AI initiatives throughout their operations: 

• The $2.4 trillion Bank of America launched its AI-driven chatbot, Erica, internally to improve employee efficiencies; 
• The $1.7 trillion Wells Fargo launched its AI-driven chatbot, Fargo, in October 2022; 
• The $3.3 trillion JPMorgan teamed up with Cleareye.ai for AI-driven document processing; and 
• The $1.6 trillion Citi allowed its developers to use generative AI for coding and for scanning new federal regulations for banks. 

Rising demand for AI jobs 

AI applications throughout financial institutions continue to grow, and banks are looking for talent to stack their AI innovation teams. 

Banks that go all-in and become AI-first organizations have a unique opportunity to accelerate away from their rivals, said Mousavizadeh, adding that banks that don’t leverage AI “may cease to exist altogether.” 

Amid this shift, the major banks are looking to fill the AI-focused positions. Here are two examples: 

Citigroup: SVP Gen AI, Innovation Lab

Citi is hiring for a senior vice president of generative AI within its innovation lab, according to Citi’s website.  

The bank’s ideal candidate will provide leadership to the generative AI projects team, help deliver the bank’s generative AI strategy, work through research and development, and collaborate with other project leaders on integrating generative AI throughout the bank as well as monitoring for AI compliance.  

Qualified applicants should have a doctorate, master’s or equivalent degree in a relevant field, seven or more years of experience in machine learning, experience with natural language processing and data science, and in-depth knowledge of deep learning frameworks, according to the job posting. 

Compensation for the position is between $170,880 and $256,320. 

Wells Fargo: Senior Content Designer – Artificial Intelligence 

Wells Fargo is hiring a senior content designer to join its artificial intelligence team, according to the San Francisco-based bank’s website. 

The bank is looking for someone with four years of professional experience developing content for apps or websites, who can develop and execute customer experience solutions for AI-powered experiences in applications and websites, according to the job posting. Desired skills include writing and editing experience, with some voice, conversational UI, chat or interactive voice response experience. 

Compensation for the position is between $84,000 to $179,000. 

AI workforce 

As banks beef up their tech teams, headcount has taken a hit at Bank of America and Wells Fargo while JPMorgan conversely reported an increase in headcount. 

“Our research showed a 10% increase in AI talent across the world’s biggest banks from May to September 2023, despite a 2.5% reduction in overall headcount,” Mousavizadeh said. 

At Wells Fargo, headcount fell 5% YoY to 227,000 during the third quarter, according to its earnings report.  

“We’re going to realize efficiencies that come out of headcount reduction” as technology and automation improve the bank’s operations, Citi Chief Financial Officer Mark Mason said during the bank’s Q3 earnings call in October. 

Bank of America, too, pulled back slightly on headcount, reducing its team 0.2% YoY to 212,752, according to its Q3 earnings report.  

 “In the long run, the distinction between technology and non-technology roles may become irrelevant as banks transition to become AI-first organizations,” Mousavizadeh said. “The future of banking is AI-powered data analytics, and thus the very nature of what it means to be a banker will need to change.” 

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