Major financial institutions in the US in a bid to lure crypto talent
As per the latest report by Bloomberg, major banks and financial institutions in the United States have filled over 1000 positions for crypto experts in the last three years.
Going by the November 1 report by Bloomberg, USA’s financial institutions have been offering massive bonuses for attracting crypto talent, with human resource consultancy Johnson Associates estimating that crypto job roles in the US pay salaries between 20 per cent and 30 per cent higher than other comparable positions unrelated to digital currencies.
Johnson Associates have also shared that a list of senior crypto roles also benefits up to a 50 per cent bump in their salaries in comparison to other designations. The firm’s Managing Director, Alan Johnson, has explained that banks in the US cannot run the risk of their clients shifting their preferences to other banks that offer crypto services, which is why they are in a bid “to build up.”
Revelio Labs, another research agency, has analyzed 287 crypto-related hirings from giants like Goldman Sachs, Fidelity, Wells Fargo and JPMorgan Chase, concluding these four are the biggest employers of digital asset talent professionals through the social networking site LinkedIn. Revelio’s findings revealed that crypto specialists enjoy a 9 per cent rise in the pay over their other co-working bankers.
In October 2021, LinkedIn had reported that its site-wide job listings for crypto and blockchain positions had jumped to 615 per cent since August 2020.
Bank of America was reported to have established a dedicated crypto research team in July 2021, with a representative from the department, Alkesh Shah stating that the crypto industry and the blockchain technology “became too big to ignore.”
Morgan Stanley was also recorded as having launched a cryptocurrency research team in September 2021, further indicating that the top US financial institutions are seeking to employ crypto specialists and executives to remain at par with recent technological developments in the sector.