Banks have created 1,000 crypto jobs since 2018, reportedly offering 50% pay rise to woo talent as digital assets explode

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Banks and financial institutions have added 1,000 crypto-related roles over the past three years.

Goldman Sachs, Fidelity, JPMorgan Chase, and Wells Fargo are among the companies that have hired cryptocurrencies.

According to Bloomberg, crypto jobs got up to a 50% pay rise.

The big banks have built their ranks of crypto experts – and are offering huge salary increases to attract new talent.

Revelio data, first reported by Bloomberg, showed that banks and financial firms, including Goldman Sachs, Fidelity, JPMorgan Chase and Wells Fargo, have created 1,000 jobs with the word “crypto” in the description at over the past three years.

Goldman Sachs hired 82 crypto professionals, Wells Fargo hired 74, Fidelity hired 68 and JPMorgan hired 63, Bloomberg found. Representatives for Goldman Sachs, Fidelity and Wells Fargo did not immediately respond to Insider’s request for comment. JPMorgan Chase declined to comment.

In an email to Insider, Revelio said his data was compiled from an “online profile search at banks, investment banks, and financial services institutions. We count everyone who has been hired since 2018 and will mention any variation of “cryptocurrency” or “crypto trading.” “(being careful not to capture cryptology, etc.) in their job title or job description.”

These jobs were probably accompanied by a sweetener. A crypto-related role received a 20% to 30% salary increase over its peers at the same level, with senior crypto roles enjoying a 50% increase, Bloomberg said, citing data from Johnson Associates. And the increases for crypto experts are around 9%, Revelio said.

The multitude of hires in recent years is somewhat at odds with the public statements of bank executives on crypto. JPMorgan Chase CEO Jamie Dimon, for example, recently called bitcoin worthless, while Morgan Stanley CEO James Gorman said crypto was not a big part of the bank’s business. Despite this, the bank added some crypto roles, according to the Bloomberg report.

Meanwhile, bitcoin hit all-time highs of nearly $ 67,000 in October after U.S. regulators approved the very first bitcoin exchange-traded fund.

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