Reports said that top United States-based banks and financial institutions have filled more than 1,000 positions for crypto experts in the past three years.
It has been reported that financial institutions are offering significant bonuses to attract crypto talent, with human resource consultant Johnson Associates estimating that crypto positions pay salaries that are between 20% and 30% higher than comparable positions unrelated to digital currency.
However, the firm added that many senior crypto roles benefit an up-to-50% bump in salary over comparable positions, with managing director Alan Johnson concluding.
The firm said:
“The banks can’t run the risk that their clients go to another bank to do these services, so they need to build up.”
The report said that research firm Revelio Labs analyzed 287 crypto-related hirings from Goldman Sachs, Wells Fargo, Fidelity, and JPMorgan Chase — the four largest employers of digital asset talent on the professional social networking site LinkedIn.
Revelio concluded that crypto specialists enjoy a 9% pay rise over their banking co-workers on average. In October, LinkedIn reported that site-wide job listings for positions relating to crypto and blockchain have jumped 615% since August 2020.
Bank of America established a dedicated crypto research team in July, with the division’s Alkesh Shah stating, “The industry and the technology became too big to ignore.”
Thus, Morgan Stanley also launched a cryptocurrency research team in September, further signaling that top US banks are seeking to attract crypto talent.