Over 1,000 positions have been filled by top U.S. financial institutions and banks in the last three years for crypto-experts.
Bloomberg reports that financial institutions offer significant bonuses to attract cryptocurrency talent. Johnson Associates, a human resource consultant, estimates that salaries for crypto positions are 20% to 30% higher than similar positions that are not connected to digital currency.
According to the firm, senior crypto roles can receive a salary increase of up to half the amount for comparable positions. Alan Johnson, managing director, concluded:
“Banks can’t take the risk that clients will go to another bank for these services. They need to build up.”
Revelio Labs, a research firm, analyzed 287 hirings in crypto-related roles at Goldman Sachs (Wells Fargo), Fidelity and JPMorgan Chase — four of the largest employers of digital assets talent on professional social networking site LinkedIn. Revelio found that crypto specialists receive an average 9% increase in their pay over their bank co-workers.
LinkedIn reported in October that the number of job postings on its site for positions related to crypto and blockchain has increased by 615%, compared with August 2020.
Related: Amazon Job Posting Hints Company’s Web Services Are Preparing to Adopt Crypto
Bank of America created a dedicated team for crypto research in July. Alkesh Shah, the division’s head, stated that “The technology and the industry became too large to ignore.”
Morgan Stanley also established a cryptocurrency research group in September. This is a further indication that the top U.S. banks are looking to attract talented crypto-people.