"Bank chiefs have been touting how adopting artificial intelligence at scale will help employees work smarter and cut costs, and they're putting serious money behind those AI ambitions. Goldman Sachs' CEO David Solomon said in October that he wished the firm's $6 billion annual tech budget was even higher, while Bank of America dedicated $4 billion this year to "new technology initiatives," according to the company."
"A chunk of that investment is directed at building out battalions of tech professionals to realize those strategies. However, the demand for that talent is driving salaries for technologists who specialize in AI - from rank-and-file engineers to executive and C-suite tech strategists - to soar at banks, according to insiders. "There's certainly not enough people" said recruiter Ryan Bulkoski, the global head of the AI, data, and analytics practice at the search firm Heidrick & Struggles."
"Recruiters and executives across financial services companies told Business Insider the result is a full-blown talent war pitting Wall Street banks against hedge funds, private asset managers, and Silicon Valley startups. The senior-level or C-suite AI leader who can steer corporate strategy "is the hottest job in the market" right now, forcing financial services firms to cough up "stretch offers," Chris Connors, a principal at the compensation consultancy Johnson Associates, told Business Insider."
Banks are committing billions to technology and AI initiatives to boost productivity and cut costs. Firms like Goldman Sachs and Bank of America have made multibillion-dollar tech budget commitments. Much of the spending targets hiring large teams of AI-focused technologists. The surge in demand is pushing salaries higher across roles from engineers to C-suite tech strategists. Competition spans Wall Street, hedge funds, asset managers, and Silicon Valley startups. Recruiters report a shortage of qualified candidates. Employers are using aggressive compensation tactics, including stretch offers and non-standard awards, to attract and retain top AI talent.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]