Wall Street firms tie bonuses, promotions to AI skills, survey finds

New York - Wall Street firms are beginning to tie employee bonuses and promotions to their proficiency with artificial intelligence, according to a survey by financial-services recruitment firm Selby Jennings. Twenty-four percent of the surveyed companies link raises, bonuses or promotions to employees' AI skills, while an additional 30% require employees to disclose their use of AI tools in formal performance reviews, the survey showed.

Dylan Gomez, executive director at Selby Jennings, explained to Reuters that firms are no longer merely observing employees' AI tool usage but are monitoring its impact on output and contribution to business results. While no definitive formula for compensation tied to AI usage has been established, Gomez anticipates this practice becoming more defined within the next year.

The survey revealed that 42% of respondents had established formal criteria to evaluate employees' AI skills, and 30% had formed dedicated teams or roles to track the effectiveness of their AI investments. Selby Jennings polled 500 finance industry executives for this survey.