Cryptocurrency Positions Skyrocket
In a remarkable trend, over 1,000 positions for cryptocurrency experts have sprung up in the U.S. banking sector over the last three years. It looks like financial institutions have decided to dive headfirst into the digital currency pool, armed with swim trunks and a hefty budget! As the cryptocurrency market continues to expand, the need for knowledgeable professionals has jumped significantly.
Paying Top Dollar for Talent
According to a recent report from Bloomberg, banks are throwing around what can only be described as ‘fabulous bonuses’ to snatch up crypto talent. With salaries for these positions ranging from 20% to 30% higher than their traditional banking counterparts, it’s no wonder the job market is buzzing. Senior roles, in particular, can see bumps of up to 50%, making this a lucrative field for those willing to ride the digital wave.
A Word from the Experts
Alan Johnson, managing director at Johnson Associates, sums it up nicely:
“The banks can’t run the risk that their clients go to another bank to do these services, so they need to build up.”
This statement encapsulates the fierce competition among banks to secure the best and brightest in digital finance.
Big Names Making Big Moves
Research firm Revelio Labs took a closer look at the hiring trends and found that major players like Goldman Sachs, Wells Fargo, Fidelity, and JPMorgan Chase lead the charge in recruiting crypto experts. An analysis of 287 recent hires showed an average salary increase of 9% for crypto specialists over their traditional banking peers. It’s a clear sign that accountants may soon be taking crypto courses on their lunch breaks!
Job Openings on the Rise
Since August 2020, LinkedIn has reported a staggering 615% increase in job listings for crypto and blockchain-related positions. It’s like the job board had its morning coffee and decided to go on a hiring spree! Clearly, banks are not just dipping their toes into the cryptocurrency waters; they are cannonballing in.
New Teams, New Directions
Bank of America and Morgan Stanley have recently established dedicated crypto research teams, signaling a serious commitment to understanding this digital landscape. Alkesh Shah from Bank of America noted that the industry has grown too substantial to ignore—proof that these financial giants are aware of the future they want to build.
So, whether you’re a crypto enthusiast or just wondering if your 401(k) might one day include Bitcoin, it’s clear that U.S. banks are taking the plunge into the cryptocurrency deep end—life jackets optional!
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