Some of the biggest banks and financial firms have added about 1,000 crypto-related roles since the bear market of 2018, according to data collected by Revelio Labs from LinkedIn.
Those hiring the most of these crypto roles include the giants JPMorgan Chase, Wells Fargo, and Goldman Sachs. Other banks hiring people with experience in crypto include Morgan Stanley and Citigroup.
Interestingly, JPMorgan CEO Jamie Dimon is the one who keeps on reiterating his bearish view on Bitcoin, calling it “worthless” just last month, keeping a strong grip on his skepticism since 2017 when he called it fraud.
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These banks and financial firms are also paying a hefty 50% compensation for a comparable position at the same institution to attract talent. Given that the crypto market offers extremely lucrative offers financially, this makes sense.
“The banks can’t risk their customers going to another bank to do these services, so they have to build up,” said Alan Johnson, general manager of Wall Street compensation consultancy Johnson Associates.
“This is a great asset, a great opportunity, and they need people, and they are in a hurry. They are willing to pay a lot.”
While companies are increasingly looking for crypto expertise, employees who have added a new crypto-related position to their LinkedIn profiles have surged this year. Already, the numbers through September this year have surpassed last year’s number and tripled since 2015.
Bank of America, which launched its crypto research team in the summer of 2021, is also looking to expand as more and more customers want to know how to invest in crypto assets, said Alkesh Shah, who runs the group, in an interview.
“The industry and technology became too big to ignore.” “There will be significant value creation in this ecosystem, and we want to make sure customers understand how the value creation happens.”
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