Banks struggle to retain AI talent, complicating technology strategy

1. Wanted: AI engineers willing to stay.

Big banks have an AI dilemma, but it’s not like you think.

Everyone seems to agree that artificial intelligence will transform Wall Street. Finding the best ways to apply this technology to different business areas is a top priority for financial firms.

But there is a problem. No one can hold back the people who are supposed to do all the work.

Insiders Paige Hagy and Bianca Chan share an interesting story about how AI talent doesn’t seem to be taking hold at big banks.

The data was collected from the analytics firm LeadGenius and punk and pinstripeA network of executives from Fortune 500 companies, major banks, showed that, on average, they are hiring AI employees as fast as they are losing them.

What is even more foreboding is that AI talent has not flowed out to other banks. Rather, the majority have withdrawn from financial services altogether.

This trend was echoed in conversations Page and Bianca had with several headhunters in the industry, who also outlined three problems big banks have in retaining AI talent. .

In general, the challenges banks face when trying to attract and retain tech talent are well documented. (Bianca and Reed Alexander have a great article on the banking vs. fintech talent war.)

But the struggle to find AI talent seems particularly worrisome given what is at stake—humanity, etc.—and the speed at which it happens.

Here are three reasons banks can’t seem to get AI talent:

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