TechFlow news, on January 25, Bitget released a new research report showing that between 2020 and 2023, declining bank revenues led to over 70,000 layoffs.
The Bitget report data reflects an outflow of banking employees, with as many as 33% of resumes in 2023 coming from the banking sector. The most common positions were mid-to-senior level roles in investor relations, identity verification and compliance, data analysis, product design, and backend engineering. High salaries and remote work opportunities in the blockchain industry have also attracted talent from banks. In 2022, 36% of blockchain-related jobs offered remote work, double the global average of 16%. Regarding compensation, the average salary at banks was $54,000, while cryptocurrency companies offered an average of approximately $115,667.
Additionally, the report shows that banking giants such as HSBC, JPMorgan Chase, and Citigroup have successively included developing applications using decentralized technologies in their plans. It is estimated that spending by the banking sector on blockchain will reach $22.5 billion between 2025 and 2026. Overall, factors such as higher pay, innovation prospects, and flexibility are the main reasons driving talent migration from traditional finance to the cryptocurrency sector.
