Crypto jobs markets gets boost as Wall Street bumps pay to attract talent
Senior crypto specialists now command as much as 50% more than their counterparts in similar roles.
With the realization that crypto would play an invaluable role in the evolution of the financial landscape, some of the leading financial institutions in the world are now paying top dollar to recruit top crypto talents into their folds.
Crypto specialists are in high demand
A recent Bloomberg report has revealed that some of the biggest banks in the United States have added at least 1,000 crypto-related job positions to their organizations since 2018.
Not only that, the institutions are not just hiring crypto talents but they are also paying them more. According to Johnson Associates, a human resource firm, crypto-related roles tend to pay salaries that are 20% to 30% more than what they would pay similar roles unrelated to the evolving crypto niche.
Speaking on why the financial institutions would go to this length, Alan Johnson, the managing director of Johnson Associates said that the banks cannot afford to lose their customers to their rivals and because of this, they are willing to entice the best brains through salary incentives and bonuses.
In his words, “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 is a big asset, a big opportunity, and they need people and need them in a hurry. They’re willing to pay a lot.”
Top traditional financial institutions want crypto talents MR
A more cursory look at the data compiled by Revelio Labs on hirings made by some of the largest banks in the land, Goldman Sachs, Wells Fargo, Fidelity, and JPMorgan Chase, corroborated Johnson’s comment. The data noted that these crypto positions pay 9% more than the average salary in the financial sector.
Earlier in October, popular job platform, LinkedIn released a report in which it stated that jobs involving the use of the terms “blockchain” or “crypto” had grown on its site by 615% between August 20 and this year. Per the report, JP Morgan, interestingly, was among the top employers for roles in the digital asset space.
It is important to note that the other top traditional financial institutions like Bank of America and Morgan Stanley have, at different times, revealed their intentions to have a dedicated crypto team too.