UK banks lead AI talent hiring surge as Europe catches up

Research from Evident, an AI benchmarking and intelligence platform, reveals that UK and European banks are intensifying their efforts to recruit AI talent. The data is drawn from Evident's AI Index, which analyses AI recruitment strategies of the top 50 global banks.

The study indicates that the pool of AI talent in banking has particularly expanded in Europe between Q4 2023 and Q1 2024. UK banks experienced the most significant growth, with a 12% increase in AI roles. This was followed by the rest of Europe at 11% and the US at 10%. Deutsche Bank and Santander are leading the surge in AI headcount in Europe, along with Barclays, HSBC, and BNP Paribas.

UBS, despite leading in talent volume in Europe after merging with Credit Suisse, recorded the fewest additional roles among the banks in Evident's Top 10 leaderboard over the past six months. Recent job openings at UBS have also trended lower compared to its peers. HSBC, on the other hand, has posted 30% more open AI roles than its immediate European competitors between October 2023 and April 2024.

The world's largest banks now employ over 112,000 AI-related professionals, despite a 23% decrease in overall hiring activity. Alexandra Mousavizadeh, co-founder and CEO of Evident, highlights that banks view AI investment as crucial for enhancing productivity. "After a brutal wave of layoffs, AI investment is viewed by the banks as the panacea that will allow them to bring about the needed productivity gains from their remaining workforce," she stated.

Banking institutions are increasingly focusing on recruiting, upskilling, and retaining the skills necessary to implement AI at scale. The Evident AI Index found that these banks added nearly 10,000 net new AI roles and posted over 17,800 AI-related job descriptions between Q4 2023 and Q1 2024. JPMorgan Chase and Capital One are leading in AI talent acquisition, with Wells Fargo and Citigroup also notable for their significant hiring activities.

The report also highlights a continued commitment among banks to retrain and upskill existing employees to meet the demands of AI. Societe Generale, Capital One, DBS, and JPMorgan Chase have been identified as standout performers in AI talent development practices. Societe Generale achieved a perfect score in training and career development in the most recent Evident AI Index.

Banks are addressing AI talent development through long-term resource planning, onboarding technical talent, upskilling leaders and users, and balancing central coordination with decentralised training. These strategies are aimed at ensuring that AI talent can add value quickly and effectively across different branches of the organisation.

Mousavizadeh stressed the importance of a comprehensive AI talent strategy. "The race for AI adoption isn’t over, but talent remains a critical driver of future success, and banks need to adopt a comprehensive view of AI talent that helps evolve the organisation at every level," she said. She also pointed out that alongside hiring technical talent, banks should focus on educating leaders about AI strategy and effectively communicating it, setting up incoming AI talent for success, and upskilling and educating the wider workforce.

Insights from the report also suggest that global banks are keen on developing best practices for AI talent. This includes strategic workforce planning, comprehensive onboarding programmes, and initiatives aimed at reskilling and educating employees at all levels within the organisation.

Overall, the Evident AI Talent report underscores the significance of talent acquisition and development in the banking sector's ongoing AI transformation. As banks push forward with AI adoption, their ability to strategically recruit, train, and deploy AI talent will remain crucial for realising productivity gains and staying competitive in a rapidly evolving landscape.