The most exciting AI jobs in finance are at JPMorgan... and Capital One
AI in finance is nothing new, but not all AI jobs are equal. The glamorous jobs people tend to think of since the boom of ChatGPT are in AI research. Those jobs are growing, and some banks are hiring much more than others. A new report from AI benchmarking and intelligence platform Evident has ranked major banks on their performance in the field. JPMorgan comes out on top overall, but it's not the best destination for talent.
Evident says JPMorgan now employs more than 200 researchers, equal to 48% of the talent pool of all the top ten banks combined. RBC's Borealis AI research institute comes second with 120 employees in total, although only 50 are AI researchers. They include Golnoosh Samei, a staff machine learning engineer at Apple, whom RBC hired last year as a senior research team lead.
The Evident Index, which has a separate ranking for talent "capability and development" tells a different story. There, Capital One and its AI foundations team ranks number one. Senior names in Capital One's team include SVP Milind Naphade, who spent six years as CTO of NVIDIA's cloud based AI ecosystem Metropolis before joining in May. The head of emerging research in AI Foundations, Senthil Kumar, also spent 18 years at Bell Labs, the 99-year-old research institute founded by Alexander Graham Bell. Its most recent principal hire is data scientist Melissa Kazemirad, who joined from $16bn data firm Nielsen in December to work on LLMs.
AI Foundations is looking to grow too. It's paying a salary of up to $188.5k to a PhD data scientist working on personalization in New York. JPMorgan is known to pay AI staff handsomely in California, and Capital One may be taking the same approach. A data scientist working in the specialist models team can earn up to $184.8k in New York, but can earn $11k more if they are based in San Francisco.
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