Banks Race to Create Chief AI Officer Roles, Pay Nears $3.5M

Major banks including HSBC and Commonwealth Bank of Australia (CBA) are rapidly creating Chief AI Officer (CAIO) roles—positions that barely existed a year ago—and competing to fill them with pay approaching about $3.5 million a year. From Sydney to London, executives at HSBC, CBA and Lloyds Banking Group have taken on the title or related top AI roles within the past three months, with poaching from rivals becoming routine amid a shortage of people with the rare skill set (Bloomberg).