The global banking and payments industry experienced a 16% drop in new job postings related to artificial intelligence in Q2 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 42% decrease versus Q2 2022. GlobalData’s Banking and Payments Predictions in 2023 report offers more insights into the impact of artificial intelligence and other key themes such as Cloud, Conversational Platforms, and Cybersecurity on the banking and payments industry. Buy the report here.
Notably, Computer and Mathematical Occupations jobs accounted for a 32% share of the global banking and payments industry’s artificial intelligence-related total new job postings in Q2 2023, down 33% over the prior quarter.
Computer and Mathematical Occupations drive artificial intelligence-related hiring activity
Computer and Mathematical Occupations, with a share of 32%, emerged as the top artificial intelligence-related job roles within the banking and payments industry in Q2 2023, with new job postings drop by 33% quarter-on-quarter. Management Occupations came in second with a share of 17% in Q2 2023, with new job postings dropping by 9% over the previous quarter.
The other prominent artificial intelligence roles include Business and Financial Operations Occupations with a 6% share in Q2 2023, Life, Physical, and Social Science Occupations with a 3% share of new job postings.
Top five companies in banking and payments industry accounted for 33% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q2 2023 were JPMorgan Chase & Co, US Bank, Citigroup, Wells Fargo & Co, and Capital One Financial. Together they accounted for a combined share of 33% of all artificial intelligence-related new jobs in the banking and payments industry.
JPMorgan Chase & Co posted 985 artificial intelligence-related new jobs in Q2 2023, US Bank 784 jobs, Citigroup 682 jobs, Wells Fargo & Co 414 jobs, and Capital One Financial 330 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 49.64% share of total new job postings, Q2 2023
The largest share of artificial intelligence-related new job postings in the banking and payments industry in Q2 2023 was in the US with 49.64% followed by India (11.48%) and the UK (4.17%). The share represented by the US was five percentage points higher than the 44.38% share it accounted for in Q1 2023.
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