LATEST

RANKING

The global standard benchmark

of AI maturity
REPORT
KEY FINDINGS

2023/11
The Evident AI Index Key Findings report
November 2023

Disclaimer

Evident AI Key Findings Report, November 2023, is published by Evident

Insights.

The information in this report has been obtained from sources we believe to
be reliable and accurate. However, it has not been independently verified. We
make no representation or warranty, express or implied, as to the accuracy or
completeness of this report. We undertake no obligation to publicly revise or
update this report and shall in no event be liable for any loss or damage arising
in connection with the use of the information in this report.

© Evident Insights Ltd 2023

All rights reserved. No part of this publication may be reproduced, stored in

a retrieval system, or transmitted, in any form or by any means, electronic,
mechanical, photocopying, or otherwise for commercial gain. You may use
content from the report for non-commercial use, provided that you attribute
the content to “Evident AI Key Findings Report”, November 2023.
Contents

1. About Evident 1

2. Executive Summary 2

3. Rankings 3

4. Methodology 4

5. Bank Profiles 7

6. Chapter 1 | The Results 9

7. Key Findings by Pillar 18

a. Chapter 2 | Talent 18
b. Chapter 3 | Innovation 28
c. Chapter 4 | Leadership 37
d. Chapter 5 | Transparency 44

8. Join Evident 52

ACKNOWLEDGEMENTS
Special thanks to Elizabeth
Dunmore, Colin Gilbert, Andrew
Haynes, Jamie Howie, Alex Inch,
Sam Meeson, and the wider team at
Evident for their contributions in
architecting the ranking and
authoring this report.
1
About Evident
WHO IS EVIDENT?
Businesses worldwide are ratcheting up AI investment. Those that race ahead will
challenge their rivals on growth, productivity, and financial performance—and
those that fall behind risk irrelevance in a rapidly changing marketplace.
Despite the stakes, visibility into the approaches different companies are taking to
accelerate AI transformation is sorely lacking—with the hype often obscuring the
reality. We created Evident to cut through the hype, and increase transparency
around the complexities of commercial AI adoption.
We believe transparency is critical to harnessing the value of AI for commercial—
and societal—gain. By showcasing best practice, we aim to help companies
transform faster (and safely), minimising the harms of AI, while maximising the
commercial, economic, and societal opportunities.
To that end, Evident has built an intelligence platform that provides banks with
independent data, research, and benchmarking to accelerate their efforts. We aim
to help leaders throughout the banking industry make more informed AI-related
decisions, investments, and strategic choices.
At Evident, we focus on three things:
1. The Index
The Evident AI Index is the global standard benchmark of AI maturity for banks,
based on over 100 individual indicators developed in partnership with leading
subject matter experts spanning banking, technology, and benchmarking. Each
year, this methodology is used to rank the activities and efforts of 50 banks—
allowing Evident to identify and profile existing best practices, diagnose bank’s
individual strengths and weaknesses, and compare the approaches banks
around the world are taking to AI adoption.
2. Insights
Evident publishes detailed research across each component of our methodology,
including Talent, Innovation, Leadership, Transparency (coming soon), and most
recently, Outcomes. These insights allow our customers—whether they be leaders
of AI strategy, HR, Ventures, Research or Communications teams—to delve deeper
into the data within their specific priority area.
3. Community
We host AI leaders from across banking, technology, academia, and public
policy at exclusive events and virtual roundtables throughout the year,
culminating in the Evident AI Symposium (November 29th, New York
City)—a one-day gathering that tackles the motivating question driving much
of our work: What does it mean to be an AI-first bank?
Evident’s offering can be used to enhance competitive intelligence, identify current
holders of best practice, help define KPIs specific to AI transformation—and
ultimately, inform strategic decision-making.
At the heart of all our work is independence. The Index and its affiliated products
rely solely on publicly available data. This “outside-in” approach is important. The
volume of data enables us to build a more complete and rich assessment of
corporate AI maturity than the narrow survey-based approaches that exist today.
And, crucially, it enables us to offer an independent profile of a company’s AI
maturity, without resting on proprietary surveys that suffer from self-reported
biases.
Please reach out to find out more about Evident and our membership offering, or to
share any feedback on how we can continue to expand and enhance the definitive
independent benchmark for tracking industry-wide AI adoption and readiness.
Alexandra Mousavizadeh Annabel Ayles
Co-CEO & Co-founder Co-CEO & Co-founder
Alexandra.Mousavizadeh@ Annabel.Ayles@
EvidentInsights.com EvidentInsights.com
 Executive Summary

1. JPMorgan Chase leads the Evident AI Index rankings for the second year
running, followed by Capital One and Royal Bank of Canada. These three
leaders are breaking away from the rest of the pack, with a consistently strong
performance across all four pillars of the Index.

2. North American banks continue to dominate, holding 6 of the top 10

positions. In addition to the three North American leaders, Wells Fargo,
Goldman Sachs and Citigroup all make it into the top 10.

3. CommBank and DBS—the Asia-Pacific leaders—debut in the top 10.

Both banks excel in coordination and communication of AI strategy, a
continuing area of under-performance across many banks in the Index.

4. UBS and ING continue to lead the way in Europe. Both hold onto their top 10
positions in the ranking. BNP Paribas trails just behind in 12th, followed by
HSBC in 13th.

5. Canadian banks are consistently strong. 4 out of 5 Canadian banks rank in

the top 20. Following Royal Bank of Canada, TD Bank ranks 11th, Bank of
Montreal ranks 16th, and Scotiabank ranks 18th.

6. The US market is heavily bifurcated. While 8 of the 15 US banks we cover

rank in the top 20, 7 banks rank 30th or lower. In an increasingly competitive
market, the lagging (typically smaller, regional) US banks have work ahead of
them.

7. European banks are generally lagging behind their North America peers.
While we see some Western Europeans in the top 10, most rank towards the
middle of the Index or lower. No UK banks make it into the top 10; Santander
leads the Southern Europeans in 21st; and the Nordic banks rank in the 40s.

8. The race for AI talent is “hotting up”. Across the banks we have seen a 10
percent increase in volume of AI talent from May to September 2023, against a
2.5 percent reduction in overall headcount. Capital One is the global leader.
UBS leads in Europe, supported by its rescue of Credit Suisse in June.

9. North American banks dominate the Innovation pillar, with varying areas of
strength. JPMorgan Chase and Royal Bank of Canada lead on AI Research;
Capital One and Bank of America lead on AI patents; and Goldman Sachs leads
the way on AI-related ventures. ING is the only European bank to make it into
the top 10.

10. JPMorgan Chase loses out on the top spot in AI Leadership to new entrant
DBS. DBS dominates both in terms of the bank’s external AI narrative and the
AI focus of its Executive team, ahead of CommBank in 3rd, and BNP Paribas in
4th.

11. While still nascent, banks are increasingly transparent about their
Responsible AI activities. JPMorgan Chase leads the way in the Transparency
pillar, employing dedicated RAI teams; publishing RAI-focused research;
establishing partnerships with academic players; and cementing responsible AI
at the heart of the bank’s AI agenda. HSBC leads the European pack.

12. We’re seeing widespread urgency across all banks in the Index. The leaders
are forging ahead; the “challengers” are racing to catch-up; and banks lower in
the Index are only now gearing up. Banks that don’t pick up their pace will
rapidly find themselves left behind…

2
 Capital
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49
31
Bank of Montreal
Citigroup 16 Talent-rank-dark
9 Canada
Capital
TD One
Bank 15
1 Canada
Capital One
of 2 Canada
Capital
TD One
Bank
of 8 31 Canada
Capital
TD One
of 5
Bank 16
Bank Wells
Royal Canada
Capital
Score-rank-dark
TD
CommBank
of
ING
JPMorgan
Morgan
One
Fargo
Bank
HSBC
America of
Bank
Groep
Chase
Stanley
DBS
2
4
11
13
6
15
8
1
17
3
10
Bank Wells
Royal
CommBank
of
Morgan
JPMorganING
BNP
HSBC
Fargo
Bank
America of
Groep
Stanley
Chase
DBS
Paribas 20 Innovation-rank-dark
17
4
16
14
6
22
2
7
18
BankRoyal
Morgan
JPMorganING
BNP
TD
Wells Bank
Fargo
Bank
HSBC
CommBank
of America
Groep
Stanley
Chase
DBS 1
Paribas
UBS
6
5
7 Leadership-rank-dark
12
20
11
10
34
3
13
Bank Wells
Royal
of
Morgan
JPMorganING
BNP
Fargo
Bank
HSBC
America
CommBank
Groep
Stanley
Chase
DBS 2
Paribas 14 Transparency-rank-dark
32
24
7
3
19
1
5
4
Bank Wells
Royal
of
Morgan
JPMorganING
BNP
Fargo
Bank
HSBC
America
CommBank
Groep
Stanley
Chase
DBS 1
Paribas
UBS
10
6
35
4
15
46
12
2
13
BNP
Goldman
BNY Paribas
UBS
Sachs
Mellon 12
5
7
14 Bank BNY
Goldman
of UBS
Mellon
Sachs
Montreal
Scotiabank
Citigroup
Canada
TD Bank 3
23
8
25
21
5
15 Bank BNY
Goldman
of Mellon
Sachs
Montreal
Scotiabank
Citigroup
Canada 19
15
4
9
8
28 Bank BNY
of
Goldman UBS
Mellon
Montreal
Sachs
Scotiabank
Citigroup
Canada 17
22
12
15
23
26 Bank BNY
Goldman
of Mellon
Sachs
Montreal
Scotiabank
Canada
Citigroup 22
8
49
14
3
31
Canada 16 Capital One
14 Transparency-rank-dark
9 TD Bank 6
of 2 Capital One
7 Leadership-rank-dark
Bank of Montreal
Score-rank-dark
Citigroup 18 Talent-rank-dark
Capital One 1 Capital
TD One
Bank
of 8 31 TD of 5
Bank 16
Bank
Capital
Royal
of
ING
JPMorgan
Morgan
TD
Bank
CommBank One
Scotiabank
Wells Fargo
Bank
HSBC
America of
Groep
Chase
DBS
Stanley
2
4
11
13
6
15
8
1
10
3
17
Bank Wells
Royal
CommBank
of
Morgan
JPMorganING
BNP
BNY
HSBC
Fargo
Bank
America of
Groep
Stanley
DBS
Chase
Paribas
Mellon 20 Innovation-rank-dark
17
4
16
14
6
22
2
7
18
23
Bank Wells
Royal
Morgan
JPMorgan
BNP
BNY
Fargo
Bank
HSBC
CommBank
of
INGAmerica
Groep
DBS
Stanley
Chase
Paribas
UBS
Mellon
5
12
20
11
10
34
1
3
13
15
19
Bank Wells
Royal
JPMorganING
BNP
BNY
Fargo
Bank
HSBC
CommBank
of
Morgan America
Stanley
Groep
DBS
Chase
Paribas
Mellon
24
32
3
7
19
1
2
5
4
12
Bank Wells
Royal
Morgan
JPMorgan
BNP
BNY
Fargo
Bank
HSBC
CommBank
of
INGAmerica
Groep
Stanley
DBS
Chase
Paribas
Mellon
UBS
10
6
4
35
15
46
12
1
2
13
8
BankBNP
BNY
Goldman
of UBS
Paribas
Mellon
Sachs
Montreal 5
12
14
7
16
9 Goldman
BankCapital
of UBS
Sachs
Montreal
Citigroup
Scotiabank
Canada 8
3
25
5 Goldman
Bank of Sachs
Citigroup
Montreal
Scotiabank
21 Innovation-rank-dark
Canada 4
8
9 Goldman
Bank of UBS
Sachs
Montreal
Citigroup
28 Leadership-rank-dark
Scotiabank
Canada
Capital One 15
17
22
26 Goldman
Bank of Sachs
Montreal
Citigroup
Scotiabank
23 Transparency-rank-dark
Canada
Capital
TD One
Bank 22
49
14
31
3
5
16
Citigroup
Wells
Royal Canada
Capital
Score-rank-dark
CommBank One
Scotiabank
TD Bank
Fargo
Bank
HSBCof 18 Talent-rank-dark
2
11
4
13
6 Bank Wells
Royal TD
CommBank
of
ING
One
Bank
HSBC
Fargo
Bank
America of
Groep
15
1
17
4
16
14
6
15 Bank Capital
TD
Wells
Royal
CommBank
of
MorganING
One
Bank
Fargo
Bank
HSBC
Americaof
Groep
Stanley
DBS 1
6
2
12
5
20
11
7
10
34 Bank TD
Wells
Royal
CommBank
of
Morgan
JPMorganING
Bank
HSBC
Fargo
Bank
Americaof
Stanley
Groep
Chase
31
8
24
32
3
14
7
19 Bank Wells
Royal HSBC
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Bank
CommBank
of
Morgan
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Stanley
Groep
Chase
DBS 1
6
10
4
35
46
15
12
JPMorgan
Bank of
ING
Morgan Chase
America
Groep
Stanley
DBS
UBS 1
15
8
17
10
3
5 JPMorgan
BNP
BNY
Goldman
TD Bank
Chase
DBS
Paribas
Mellon
UBS
Sachs 2
22
7
18
23
3
8
25 JPMorgan
BNP
BNY Chase
Paribas
UBS
Mellon 3
13
19
15
9 Bank BNP
BNY
of DBS 2
Paribas
UBS
Mellon
Montreal 1
5
4
17
22
12 Bank BNP
BNY
of Paribas
UBS
Mellon
Montreal 2
13
22
8
14
BankBNP
BNY
Goldman
of Paribas
Mellon
Sachs
Montreal
Citigroup
Capital One
Canada 12
14
7
16
9
2 Bank of Montreal
Citigroup
Scotiabank
Canada
Capital
TD One
Bank 5
15
1
17 Goldman
Bank of Sachs
Montreal
Citigroup
Scotiabank
21 Innovation-rank-dark
Canada
Capital
TD One
Bank 4
8
2
6 Goldman Sachs
28 Leadership-rank-dark
Citigroup
Scotiabank
Canada
Capital
TD One
Bank 15
26
8
31
24 Goldman
Wells Sachs
Citigroup
23 Transparency-rank-dark
Scotiabank
Canada
Capital
TD One
Bank
Fargo 49
31
3
5
16
10
6
Score-rank-dark
Scotiabank
Wells
Royal
ING
JPMorgan
Bank of
Morgan
TD Fargo
Bank
CommBank Bank
HSBCof
Groep
Chase
America
Stanley
18 Talent-rank-dark
4
11
13
6
8
1
15
17
10 Bank Wells
Royal
CommBank
of
Morgan
JPMorganING
BNP
HSBC
Fargo
Bank
America of
Groep
Stanley
Chase
NatWest
DBS
Paribas
4
16
TALENT
14
6
20
2
11
22
18
7 Bank Wells
Royal
Morgan
JPMorgan
BNP
Fargo
Bank
HSBC
CommBank
of
ING Stanley
Chase
NatWest
Paribas
12
5
of 1
20
DBS INNOVATION
America
Groep 11
10
7
34
25
3
13 Bank Wells
Royal
Morgan
JPMorganING Fargo
HSBC
Bank
CommBank
of America
Stanley
Groep
NatWest
Chase
DBS
32
of LEADERSHIP
3
14
7
19
30
2
1
5 Bank Royal
Morgan
JPMorganING
BNP
HSBC
Bank
CommBank
of Americaof 1
Groep
Stanley
Chase
NatWest
Paribas
4
DBS TRANSPARENCY
35
15
46
9
12
2
BNP
BNY
Goldman DBS
NatWest
UBS
Paribas
Mellon
Sachs 3
19
5
12
14
7 BNY
Goldman
Bank of Mellon
UBS
Sachs
Montreal
Citigroup 23
3
8
25
5 Bank BNY
Goldman
of UBS
Mellon
Sachs
Montreal
Citigroup 19
15
4
9
8 BNP
BNY
Goldman
Bank of Paribas
UBS
Mellon
Sachs
Montreal
Scotiabank
Citigroup 4
12
17
15
22
26
23 BNY
Goldman
Bank of UBS
Mellon
Sachs
Montreal
Citigroup 13
22
8
49
14
31
Bank of Montreal
Citigroup
Capital
Score-rank-dark
TD One
Canada
Scotiabank
Wells
Royal Bank
Fargo
Bank of 16
9
11
4 Bank Scotiabank
18 Talent-rank-dark
2 Wells
Royal
of TD Bank
Canada
Capital One
Fargo
HSBC
Bank
America of 21
15
1
Capability
17
4
14
16 &
BankRoyal TD
Wells Bank
Scotiabank
Canada
Innovation-rank-dark
Capital
BankOne
Fargo
HSBC
CommBank
of America 6
28
2
Research,
5
12
of 1
20 patents,
Bank TD
Wells
Royal
of Bank
Canada
Leadership-rank-dark
Capital One
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Bank
HSBC
Americaof 31
8
in
24
32
7
3 public comms
Bank Scotiabank
TD
Capital
Wells
Royal
of Bank
Canada
Transparency-rank-dark
One
Fargo
Bank
HSBC
America
CommBank of 3 responsible AI
16
5
of
10
6
35
4
Bank CommBank
of
ING
JPMorgan
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America
Groep
Chase
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DBS 6
13
15
8
1
17
10
3 CommBank
Morgan
JPMorganING
BNP Groep
Stanley
DBS
NatWest
Chase
Paribas 6
20
22
2
11
7 Morgan
JPMorganING Groep
DBS
Stanley
Chase
NatWest 11
10
34
7
25
3 CommBank
Morgan
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BNP Groep
Stanley
DBS
Chase
NatWest
Paribas 19
14
1
2
5
30
4 Morgan
JPMorganING
BNP Groep
Stanley
DBS
Chase
NatWest
Paribas 15
46
12
1
9
2
13
COMPANY BNP
BNY
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Paribas
UBS
Mellon
Sachs 19
12
5
RANK
14
7 BNY
Goldman
Bank Mellon
UBS
Sachs
of Montreal 18
23
3
8
25 Bank
development
5 BNP
BNY
Goldman
of Paribas
Sachs
Montreal
Citigroup 13
UBS ventures,
Mellon 15
19
4
9
8 BNY
Goldman
Bank of Mellon
UBS and
Sachs
Montreal
Scotiabank
ecosystem 12
17
15
22
23
26 Bank
strategy BNY
Goldman
of Mellon
Sachs
Montreal
Scotiabank 8
UBS activities
22
49
14
31
3
Bank Capital
of One
Montreal
Canada
Citigroup 16
9
2 BNP Citigroup
Canada
CapitalParibas
TD One
Bank 18
1
15 Scotiabank
TD Bank
Canada
Innovation-rank-dark
Capital One 28
6 Citigroup
Canada
Capital
TD One
Bank 8
31 Citigroup
Canada
Capital
TD One
Bank 5
16
30 Transparency-rank-dark
2
Score-rank-dark 25 Leadership-rank-dark
Bank Scotiabank
Royal
WellsBank
TD
CommBank
of
JPMorgan HSBC
America
Chaseof
Bank
Fargo 18 Talent-rank-dark
11
4
6
13
15
1 Bank Wells
Royal
of
CommBank
Morgan
JPMorganING Fargo
HSBC
Bank
America of
Groep
Stanley
Chase 17
4
16
14
6
20
2 Bank Wells
Royal
of
Morgan
JPMorganING Fargo
Bank
HSBC
CommBank
America
Groep
Stanley
Chase
DBS 5
of 1
12
20
11
7
10
34 Bank Wells
Royal
of
Morgan
JPMorganING Fargo
Bank
HSBC
CommBank
Americaof 2
Stanley
Groep
Chase 24
32
3
14
7
19
1 Bank Wells
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Morgan
JPMorganING Fargo
Bank
HSBC
CommBank
of Americaof 1
Stanley
Groep
Chase
DBS 10
6
4
35
46
15
12
ING
Morgan Groep
Stanley
BNP DBS
NatWest
UBS
Paribas 8
17
10
3
19
5
12 BNP
BNY DBS
NatWest
Paribas
Mellon
UBS 22
11
7
18
23
3 BNP
BNY NatWest
Paribas
UBS
Mellon 3
13
15
19 BNP
BNY DBS
NatWest
Paribas
UBS
Mellon 5
4
12
17 BNP
BNY NatWest
Paribas
UBS
Mellon 9
2
13
22
8
Bank BNY
Goldman
of Mellon
Sachs
Canada
Citigroup
Capital One
Montreal 14
7
9
16
2 Goldman
Bank
Société of Sachs
Montreal
Citigroup
Scotiabank
Capital One
Canada
Générale
TD Bank 8
25
5
21
1
9
15
17 Goldman
Bank
Société of Sachs
Montreal
Citigroup
Scotiabank
Canada
Capital One
Générale
TD Bank 4
9
8
28
2
32
6 Goldman
Bank
Société of Sachs
Montreal
Scotiabank
Citigroup
Générale
Canada
Capital
TD One
Bank 15
22
26
23
16
8
31 Goldman
Bank
Société of Sachs
Montreal
Citigroup
Scotiabank
Canada
Capital One
Générale
TD Bank 49
14
31
3
21
5
16
Société
Bank Scotiabank
Royal
Wells Bank
TD
Générale
CommBank
of
ING HSBC
America of
Bank
Fargo
Groep 18
11
4
20
6
13
15 Bank Wells
Royal
of
CommBank
MorganING HSBC
Fargo
Bank
America of
Groep
Stanley 4
16
14
6
20 Bank Wells
Royal
of
Morgan
JPMorganING Fargo
Bank
HSBC
CommBank
America
Groep
Stanley
Chase 12
5
of 1
20
11
10
7 Bank Wells
Royal
of
MorganING Fargo
Bank
HSBC
CommBank
Americaof 2
Groep
Stanley 24
32
3
7
19
14 Bank Wells
Royal
of
Morgan
JPMorganING Fargo
Bank
HSBC
CommBank
Americaof 1
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Stanley
Chase 10
6
4
35
15
46
JPMorgan JPMorgan
Chase
Morgan
BNP Chase
Stanley
DBS
Paribas
NatWest
UBS 8
1
17
10
3
12
5
19 JPMorgan
Bank BNP
BNY
of Chase
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Paribas
UBS
Mellon
Montreal 2
22
11
18
7
23
3
25 BNP
BNY DBS
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NatWest
UBS
Mellon 34
3
13
25
19
15 JPMorgan
Bank BNP
BNY
of
Chase
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DBS
Paribas
UBS
Mellon
Montreal 1
30
5
4
12
17
22 BNP
BNY DBS
NatWest
Paribas
UBS
Mellon 12
9
2
13
22
8
14
Goldman
Bank BNY
of Sachs
Mellon
Montreal
Canada
Citigroup
Capital One 7
14
16
9 Goldman TDSachs
Citigroup
Scotiabank
Bank
Canada 5
8
21
15
9 Goldman
Bank
Société of TD
CapitalSachs
Montreal
Citigroup
Bank
Scotiabank
Canada
One
Générale 9
4
8
6
32
28
2 Goldman TDSachs
Citigroup
Scotiabank
Bank
Canada
Capital One 26
15
23
31 Bank
Société of
Goldman Montreal
TD
CapitalSachs
Citigroup
Scotiabank
Bank
Canada
One
Générale 49
31
3
16
21
Société
Bank Scotiabank
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18
11
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20
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15
8
Société
Bank Générale
Capital
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Bank
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America of
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1
17
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5
20
11
10
7
Société
Bank of
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Royal
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Bank
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CommBank of
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8
16
24
32
7
3
19
14 Bank Wells
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of
MorganING HSBC
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Fargo
Bank
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6
35
4
15
46
Morgan
BNP Stanley
DBS
NatWest
Paribas
UBS 3
17
10
19
12 BNP
BNY DBS
HSBC
Paribas
UBS
Mellon 22
17
7
18
23
3
25 BNP
BNY DBS 3
NatWest
Paribas
UBS
Mellon 34
25
13
19
15
4 BNP
BNY NatWest
DBS 5
Paribas
UBS
Mellon 30
1
4
12
17 BNP
BNY NatWest
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9
13
22
8
Goldman
Bank BNY
of Sachs
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Canada 5
7
14
16 Bank of
Goldman Montreal
Sachs
Citigroup
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5
21 Goldman
Bank of Sachs
Montreal
Citigroup
Scotiabank
Capital One 9
8
28 Goldman
Bank of Sachs
Montreal
Scotiabank
Citigroup
Canada 15
22
23
26 Goldman
Bank of Sachs
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Canada
Capital One 49
14
3
31
Capital One
Société
Bank
Capital
Générale
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Groep
9
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18
11
4
20
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15
8
Société
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Wells
of
MorganING
Canada
Capital
TD
Générale
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Bank
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17
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Société
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Bank
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Société
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BNY DBS
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7
11
24
18
23
3 BNP
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13
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19 Morgan
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27
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8
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14
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Capital
TD One
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8
5
21
1
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9 Goldman
Bank of Sachs
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Capital
TD One
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9
8
28
2
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12 Goldman
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15
26
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31 Goldman
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Capital
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Générale 49
14
31
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6
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30
4
11
12
17 BNP
BNY DBS
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9
2
13
27
22
8
Bank BNY
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Sachs
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Citigroup
Canada 5
21
14
7
16
9 Bank of
Goldman Montreal
Sachs
Citigroup
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Canada 25
8
5
21 Société
BNY
Goldman
Bank of Mellon
Sachs
Montreal
Citigroup
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Canada
TD Bank
Générale 9
4
8
28
32
6 Bank
Société of
Goldman Montreal
Sachs
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Générale
Canada 22
15
26
16
23 Bank
Société of
Goldman Montreal
Sachs
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49
31
3
21
16
Société Wells
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Bank
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Générale
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Bank
Groep 4
18
11
20
13
6
8 Bank BNY
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Royal TD
CommBank
of
MorganING Bank
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Bank
HSBC
America
Stanleyof
Groep 15
23
4
17
16
14
20
6 BankRoyal
WellsBank
HSBC
CommBank
of
INGAmericaof
Fargo
Groep 12
5
20
11
10
7 Bank Royal TD
Wells
CommBank
of
ING Bank
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Bank
HSBC
Americaof
Groep 31
32
24
3
7
19
14 Bank Wells
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Bank
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CommBank
of
MorganINGAmericaof
Groep
Stanley 10
6
4
35
15
46
Bank
Morganof
BNP America
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NatWest
Paribas
UBS 15
17
3
10
19
12
5 BNP DBS
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Santander
UBS 22
11
7
18
24
23 Morgan
BNP Stanley
DBS 3
NatWest
Paribas
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UBS 34
25
13
18
19 Morgan
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NatWest
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Paribas
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UBS 30
1
11
4
17
12 BNP
BNY NatWest
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12
13
27
22
8
Goldman
Bank BNY
ofSantander
Sachs
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Canada
Montreal
Citigroup 21
7
14
16
9 Bank BNY
of
Goldman Mellon
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Sachs
Citigroup
Canada
Scotiabank
TD Bank 3
25
8
5
21
15
9 BNY
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Bank of Mellon
Sachs
Montreal
Citigroup
Canada
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TD Bank 15
9
4
8
28
6 Bank
SociétéBNY
Goldman
of Mellon
Sachs
Montreal
Citigroup
Canada
Scotiabank
Générale
TD Bank 22
15
26
16
23
31 Goldman
Bank
Société of Sachs
Montreal
Citigroup
Canada
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TD Bank
Générale 49
14
31
3
16
21
Wells Fargo
Société Wells
Royal TD Bank
Fargo
Bank
Scotiabank
Générale
CommBankHSBCof 11
4
18
20
13
6 Société
BankRoyal
ofGénérale
Wells Fargo
Barclays
Bank
HSBC
America
CommBank
Morgan Stanleyof 4
12
17
14
16
20 Société
Bank Générale
Wells
Royal
ING Fargo
Bank
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CommBank
of America
Groep 32
of 5
12
14
20
11
10 Bank Barclays
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of
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Fargo
Groep 27
24
3
7
14 Bank Wells
Royal
of
ING Bank
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CommBank
Americaof 10
Fargo
Barclays
Groep 44
6
4
35
15
46
Bank
MorganING
of
BNP Barclays
Groep
America
Stanley
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NatWest
Paribas
UBS 22
8
15
17
10
3
19
12 ING
BNP
BNY Groep
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Santander
Mellon 6
22
11
7
18
24
23 Morgan
BNP
BNY Stanley
DBS 3
NatWest
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Mellon
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UBS 7
34
25
13
15
18
19 Morgan
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BNY Stanley
DBS 5
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Mellon 19
1
30
11
4
12 Morgan
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DBS 2
NatWest
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Mellon
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9
13
27
8
Bank BNY
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of Mellon
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Sachs
Canada
Citigroup
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14
7
21
9
16 Goldman
Bank of
ScotiabankUBS
Sachs
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Citigroup
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TD Bank 3
25
8
21
5
15 Goldman
Bank of Sachs
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TD Bank 4
9
8
28
6 Goldman
Bank of UBS
Sachs
Montreal
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Citigroup
Canada
TD Bank 17
22
15
23
26
31
16 Goldman
Bank of Sachs
Montreal
Scotiabank
Citigroup
Canada 22
49
14
3
31
Société Scotiabank
WellsTD Bank
Fargo
Générale
CommBankHSBC
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11
4
20
13
6
22 Société
Bank Générale
Wells
CommBank
of
Morgan HSBC
Barclays
Fargo
America
Stanley 9
17
4
12
16
14
20 Société
Bank Wells HSBC
Générale
Fargo 5
Barclays
CommBank
of America 12
32
14
20
11 Société
Bank
Morgan Générale
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Barclays
CommBank
of America
Stanley 24
3
27
7
14 Société
Bank TD
Wells
CommBank
of
Morgan Bank
Générale
HSBC
Fargo 10
Barclays
America
Stanley 16
21
6
44
4
35
46
Bank
Morganof
INGAmerica
Groep
Stanley
DBS
UBS
NatWest 15
8
17
10
5 Bank ING
BNP Groep
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NatWest
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of Montreal
America
UBS 6
22
11
18 MorganING
BNP
BNY Groep
Stanley
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NatWest
Paribas
Santander
Mellon 7
10
34
25
18
13
15 ING
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Paribas
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1
11
30
4 ING
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12
9
27
13
8
UBS BNP
BNY
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Bank of Paribas
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Sachs
Citigroup
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12
21
14
7
9
16 Bank BNY
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of Mellon
Sachs
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Citigroup 14
3
23
25
8
5
21 Goldman
Bank of UBS 19
Sachs
Montreal
Citigroup
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9
8
28 Bank
SociétéBNY
Goldman
of Mellon
Sachs
Montreal
Citigroup
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Générale 12
22
15
26
16
23 BNY
Goldman
Bank of Mellon
Sachs
Montreal
Citigroup
Scotiabank 49
14
31
3
21
Société Scotiabank
WellsTD Fargo
Bank
Générale
CommBankHSBC 18
4
11
20
13
6 Société
Bank WellsTD
CommBank
of Bank
Générale
Fargo
HSBC
Barclays
America 15
9
4
17
12
16
14 Société
Bank of TD Bank 5
Générale
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HSBC
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CommBank
America 32
6
12
14
20
11 Bank TD
Wells Bank 32
Fargo
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CommBank
of America 31
24
27
3
7 Société
Bank Générale
TD
Wells Bank 10
Fargo
HSBC
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CommBank
of
INGAmerica
Groep 16
6
44
4
35
Bank
MorganING
of
BNP Barclays
Groep
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Paribas 22
8
15
17
10 MorganING
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Groep
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NatWest
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Santander
UBS 20
6
22
11
18
24
3 MorganING
BNP Groep
Stanley
NatWest
Paribas
Santander 7
10
34
DBS 19
25
13
18 MorganING
BNP Groep
Stanley
DBS 17
NatWest
Santander
Paribas 14
19
1
11
30
4
33 Morgan
BNP Stanley
DBS 22
NatWest
Paribas
Santander 15
46
12
9
13
27
11
Standard
Bank BNY
Goldman
of UBS
NatWest
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Sachs
Chartered
Citigroup
Montreal 12
5
19
21
14
7
23
9
16 Standard
Bank BNY
of
Goldman Chartered
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Sachs
Scotiabank
Citigroup 27
23
25
8
5
21 Standard
Bank BNY
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of UBS
Chartered
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Sachs
Montreal
Citigroup
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15
9
4
8 Standard BNY
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Bank ofChartered
UBS
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Sachs
Montreal
Citigroup
Scotiabank 12
22
15
26
23 Standard
Bank BNY
Goldman
of UBS
Chartered
Mellon
Sachs
Montreal
Citigroup
Scotiabank 8
49
14
31
3
CommBank Société Scotiabank
WellsTD Bank
Fargo
Générale
CommBankHSBC 18
11
4
20
13
6 Société
Bank Wells
of TD Bank
Générale
Fargo
HSBC
Barclays
America
CommBank 15
9
4
17
12
14
16 Société
Bank of TD Bank 5
Générale
Wells Fargo
HSBC
America
Barclays
CommBank 28
6
32
12
20
11
14 Société
Bank of TD Bank 32
Générale
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Barclays
HSBC
America
CommBank 31
16
24
27
3
7 Société
Bank of TD
Wells Bank 10
Générale
Fargo
HSBC
Barclays
America
CommBank 16
21
6
44
4
35
Bank
Morganof
INGAmerica
Barclays
Groep
DBS
Stanley
NatWest 15
8
22
10
17 MorganING
BNP Groep
Stanley
NatWest
DBS
Paribas
Santander 20
6
11
22
18
24 MorganING
BNP
BNY Groep
Stanley
NatWest
Paribas
Mellon 10
7
34
DBS 19
25
13
15
22 MorganING
BNP Groep
Stanley
NatWest
DBS 17
Paribas
Santander 14
19
30
1
4
11 MorganING
BNP Groep
Stanley
NatWest
DBS 22
Paribas
Santander 15
46
9
12
13
27
BNP
BNY
Goldman
Standard
Bank of Paribas
UBS
Santander
Mellon
Sachs
Chartered
Montreal
Citigroup 19
12
5
21
14
7
23
16
9 Standard BNY
Goldman
Bank of Mellon
Chartered
UBS
Sachs
Montreal
Scotiabank
Citigroup 23
27
3
25
8
21
5 Standard
Goldman
Bank ofSantander
UBS
Chartered
Sachs
Montreal
Citigroup
Scotiabank 18
9
4
8
28 Standard
Bank BNY
Goldman
of Mellon
UBS
Chartered
Sachs
Montreal
Scotiabank
Citigroup 12
33
22
15
23
26 Standard
Bank BNY
Goldman
of Mellon
UBS
Chartered
Sachs
Montreal
Scotiabank
Citigroup 8
11
49
14
3
31
Société Scotiabank
TD
CommBank Bank
Générale
HSBC
Barclays 18
11
6
20
13 Société
Bank
Bank of
of TD Bank
Générale
HSBC
Montreal
CommBank
America 15
9
17
25
16
14 Société
Bank of TD
Générale
HSBC
Barclays
America
CommBank 6
Bank 20
32
12
14
11 Société
Bank of TD Bank 3
Générale
Barclays
HSBC
CommBank
America 31
16
27
24
7 Société
Bank of TD Bank 4
Générale
Barclays
HSBC
CommBank
America 16
21
6
44
35
Bank
Morganof
INGAmerica
Groep
DBS
Stanley
NatWest
UBS 22
15
8
10
17
19
5 MorganING
BNP Groep
Stanley
NatWest
DBS
Paribas
Santander
UBS 20
6
22
11
18
24 MorganING
BNP Groep
Stanley
NatWest
Paribas
Santander
UBS 10
7
34
DBS 19
25
18
13
15
22 MorganING
BNP Groep
Stanley
DBS 17
NatWest
Santander
Paribas
UBS 14
19
1
11
30
4 MorganING
BNP Groep
Stanley
DBS 22
NatWest
Santander
Paribas
UBS 15
46
12
9
27
13
Goldman Standard
Sachs
Bank BNP
BNY
Goldman
of Paribas
Santander
Mellon
Sachs
Chartered
Citigroup
Montreal 12
21
14
7
23
9
16 Standard BNY
Goldman
Bank of Mellon
Chartered
Sachs
Montreal
Scotiabank
Citigroup 3
23
27
25
8
5
21 Standard
Bank BNY
Goldman
of Mellon
Chartered
Sachs
Montreal
Citigroup
Scotiabank 4
9
8
28 Standard BNY
Goldman
Bank of Mellon
Chartered
Sachs
Montreal
Citigroup
Scotiabank 33
12
15
22
26
23 Standard
Bank BNY
Goldman
of Mellon
Chartered
Sachs
Montreal
Citigroup
Scotiabank 8
11
49
14
31
3
Société Scotiabank
TD
CommBank Bank
HSBC
Générale 18
11
13
6
20 Société
Bank ABN
of
Morgan TD Bank
Générale
HSBC
Barclays
CommBank
AMRO
America
Stanley 15
9
17
16
12
13
14
20 Société
Bank ABN
of TD
Générale
HSBC
Barclays
CommBank
AMRO
America 6
Bank 20
32
12
14
26
11 Société
Bank ABN
of TD Bank 3
Générale
Barclays
HSBC
AMRO
CommBank
America 31
16
24
27
41
7 Société
Bank TD
CommBank
ABN
of Bank 4
Générale
HSBC
Barclays
AMRO
America 16
21
6
44
30
35
Bank
Morganof
ING
ABN
BNP Barclays
America
Groep
AMRO
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Stanley
NatWest
Paribas
UBS 22
15
8
24
10
17
19
12
5 ING
BNP Groep
NatWest
DBS
Paribas
Santander 6
22
11
18
24 MorganING
BNP Groep
Stanley
NatWest
Paribas
Santander
UBS 7
10
34
DBS 19
25
13
18 MorganING
BNP Groep
Stanley
DBS 17
NatWest
Paribas
Santander
UBS 14
19
1
30
4
11 MorganING
BNP Groep
Stanley
DBS 22
NatWest
Paribas
Santander
UBS 15
46
12
9
13
27
Bank
Standard BNY
Goldman
ofSantander
Mellon
Sachs
Montreal
Chartered
Citigroup 21
14
7
16
9
23 Standard
Bank
Société BNY
of
Goldman UBS
Mellon
Chartered
Montreal
Sachs
Citigroup
Scotiabank
Générale 3
23
27
25
8
5
21
9 Bank
Standard BNY
of
Goldman Mellon
Montreal
Chartered
Sachs
Citigroup
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9
22
4
8
28 Standard
Bank BNY
of
Goldman
Société Chartered
Mellon
Montreal
Sachs
Citigroup
Scotiabank
Générale 33
12
22
15
26
23
16 Standard
Bank BNY
of
Goldman Mellon
Chartered
Montreal
Sachs
Citigroup
Scotiabank 8
11
14
49
31
3
21
Société TD
CommBank Bank
Scotiabank
Générale
HSBC
Barclays 11
18
20
13
6
22 Bank of
ABN TD Bank
HSBC
Barclays
America
AMRO
CommBank 17
15
12
16
14
13 Société
Bank of TD Bank
Générale
HSBC
America
Barclays
CommBank
ABN AMRO 32
6
12
20
11
26
14 Bank of TD Bank
HSBC
Barclays
America
CommBank
ABN AMRO 24
31
27
3
7
41 Société
Bank ofGénérale
TD Bank
HSBC
Barclays
America
CommBank
ABN
ING AMRO
Groep 16
6
44
4
35
30
ING Bank of
ING
ABN
Morgan
BNP America
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Stanley
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8
24
17
10
19
12 MorganING
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Paribas
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6
11
22
18
24 MorganING
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Stanley
DBS
NatWest
Paribas
Santander 7
10
34
25
13
18 MorganING
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Stanley
NatWest
DBS
Paribas
Santander 14
19
30
1
4
33
11 Morgan
BNP Stanley
NatWest
DBS
Paribas
Santander 15
46
9
12
13
27
11
Goldman
Standard
Bank BNY
of Sachs
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Mellon
Chartered
Montreal
Citigroup 7
21
14
23
16
9 BNY
Morgan
Goldman
Bank of Mellon
Stanley
Sachs
Montreal
Citigroup
Scotiabank 23
20
8
25
5
21 Standard
Bank BNY
of
Goldman Mellon
Chartered
Montreal
Sachs
Citigroup
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15
9
4
8
28 Standard
Bank BNY
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ofChartered
Mellon
Sachs
Montreal
Citigroup
Scotiabank 12
15
22
26
23 Standard
Bank BNY
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ofChartered
Mellon
Sachs
Montreal
Citigroup
Scotiabank 8
49
14
31
3
Société
Bank TD
CommBank
of
ING Bank
Scotiabank
Générale
HSBC
Barclays
America
Groep 11
18
20
6
13
22
15 Société
Bank Générale
TD
CommBank
of
ABN Bank
HSBC
Barclays
America
AMRO 9
15
17
12
16
14
13 Société
Bank TD
Générale
HSBC
Barclays
CommBank
of
ABN America
AMRO 6
Bank 20
32
12
14
11
26 Société
Bank of
ABN TD Bank 3
Générale
Barclays
HSBC
CommBank
America
AMRO 31
16
27
24
41
7 Société
Bank TD
CommBank
of
ABN Bank 4
Générale
Barclays
HSBC
America
AMRO 16
21
44
6
35
30
ABN
Morgan
BNP AMRO
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Stanley
NatWest
Paribas 8
24
10
17
19
12 MorganING
BNP Groep
Stanley
NatWest
DBS
Paribas 20
6
22
11
18 MorganING
BNP Groep
Stanley
DBS 4
NatWest
Paribas 10
7
34
25
13 MorganING
BNP Groep
DBS 19
Stanley
NatWest
Paribas 14
1
30
4 MorganING
BNP Groep
DBS 15
Stanley
NatWest
Paribas
Santander 46
12
9
13
27
Standard
Bank BNY
Goldman
of Mellon
Sachs
Santander
Chartered
Montreal
Citigroup 14
7
21
23
16
9 Standard BNY
Goldman
Intesa
Bank ofSantander
Mellon
Chartered
Sachs
Sanpaolo
Montreal
Scotiabank
Citigroup 24
23
27
8
47
25
21
5 Standard BNY
Goldman
Intesa
Bank ofSantander
Mellon
Chartered
Sachs
Sanpaolo
Montreal
Citigroup
Scotiabank 18
15
22
9
16
8
28 Standard
Bank BNY
Intesa
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ofSantander
Chartered
Mellon
Sanpaolo
Sachs
Montreal
Citigroup
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11
12
9
15
22
26
23 Standard BNY
Goldman
Intesa
Bank of Mellon
Chartered
Sachs
Sanpaolo
Montreal
Citigroup
Scotiabank 8
11
49
17
14
31
3
Citigroup Intesa
Société
Bank Sanpaolo
TD
CommBank
of Bank
Scotiabank
Générale
HSBC
Barclays
America 25
11
18
20
13
6
22
15 Société
Bank Générale
TD
CommBank
of
ABN Bank
HSBC
Barclays
America
AMRO 9
15
17
12
16
14
13 Société
Bank of
Morgan TD
Générale
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Barclays
CommBank
America
Stanley 6
Bank 20
32
12
14
11
7
26 Société
Bank ABN
of TD Bank 3
Générale
HSBC
Barclays
CommBank
AMRO
America 16
31
24
27
41
7
14 Société
Bank TD
CommBank
of
ABN
Morgan Bank 4
Générale
HSBC
Barclays
America
AMRO
Stanley 16
21
6
44
35
30
46
MorganING
ABN
BNP Groep
Stanley
AMRO
DBS
Paribas
NatWest 8
17
10
24
12
19 MorganING
BNP
BNY Stanley
Groep
DBS
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Santander
Paribas
Mellon 20
6
22
11
24
23 ABN
ING
BNP AMRO
Groep
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NatWest
Paribas
Santander 10
34
25
18
13 MorganING
BNP
BNY Stanley
Groep
DBS
NatWest
Santander
Paribas
Mellon 19
1
30
11
12
4 ING
BNP Groep
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Santander
Paribas 15
12
9
27
13
Standard
Bank BNY
Goldman
IntesaofSantander
Mellon
Sachs
Chartered
Montreal
Citigroup
Sanpaolo 21
14
7
23
16
9 Standard
Bank
Intesaof
Goldman Chartered
Montreal
Sanpaolo
Sachs
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27
25
8
47
5
21
9 Bank
Standard BNY
of
Goldman
Intesa Mellon
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Chartered
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9
22
4
16
8
28 Standard
Bank of
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Intesa Chartered
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22
15
26
9
23
16 Standard
Bank BNY
of
Goldman
Intesa Mellon
Chartered
Montreal
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11
14
49
17
31
3
21
Société Scotiabank
ING TD Bank
Générale
HSBC
Groep 25
18
11
20
13
8 Société
Bank ofGénérale
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America 15
17
12 Société
Bank of
ABN TD Bank 6
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America
AMRO 32
12
14
26
11 Société
Bank Générale
ABN
of TD Bank 19
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24
41
27 Société
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ABN
of TD Bank 15
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America 16
6
44
30
35
Bank
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ABN
Morgan
BNP Barclays
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15
24
17
10
12 Scotiabank
MorganING
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21
6
20
22
11
24
18 MorganING
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Groep
DBS
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Paribas
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10
34
25
13
18 MorganING
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14
30
4
33
11 MorganING
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DBS 13
NatWest
Paribas
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12
9
27
NatWest
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21
7 Standard BNY Mellon
Chartered 23
27 Standard BNY Mellon
Chartered 22
15 Standard Chartered Standard BNYChartered
Mellon 11
8
Bank 4
Goldman
Bank BNY
Intesaof Sachs
Mellon
Chartered
Montreal
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23
16
9
25
11
18 Goldman
Bank
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Générale
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25
47
5
21
9
15 Goldman
Bank
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16
8
28
32 Bank
SociétéBNY
Goldman
Intesaof Mellon
Bank 15
Sachs
Montreal
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Générale 12
22
9
26
23
16
31 Goldman
Bank
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Sachs
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Générale 14
17
31
3
16
21
Société
Bank Générale
of
ING HSBC
America
Groep 20
13
15
8 Bank of
ABN
ING HSBC
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Groep 17
12
14
13
6 Société
Bank of
ABN
INGTD
Générale
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America
AMRO
Groep 6
12
14
11
26 Bank ABN
of HSBC
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41
27
7 Bank of
ABN HSBC
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44
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30
ABN
Morgan
BNP
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BBVA
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22
24
17
10
26
12
19
21
14
7
Morgan
Standard BNP
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Chartered
30
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22
24
18
23
27 Morgan
Standard BNP
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Chartered 7
21
34
25
13
18
15
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13
19
14
1
30
11
4
12
33 Morgan
Standard
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BNP
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Groep
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Chartered 42
46
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9
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27
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11
Goldman
Standard
Bank
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Bank
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Chartered
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of Barclays
America
23
16
9
18
11
25
13
20
22
Goldman
Bank
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of
of
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AMRO
8
25
47
21
5
9
15
12
17
14
13
Goldman
Bank
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Société
Bank
of
of
Morgan Bank 4
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Générale
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America
Stanley
9
8
28
16
6
32
12
14
11
7
26
Standard
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Intesa
Bank
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Bank
of
of
Chartered
ABN TDSachs
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Bank
Générale
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America
AMRO
22
9
26
23
16
31
27
24
7
41
Goldman
Bank
Intesa
Société
Bank
of
of Bank 49
Sachs
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Générale
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AMRO
14
17
31
3
16
21
44
6
35
30
46
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24
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19
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Groep
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6
30
22
11
24 ABN
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25
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Paribas 14
1
13
30
11
4 MorganING
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Groep
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Paribas 42
12
9
27
13
Standard
Bank BNY
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Chartered
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14
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23
16 Standard BNY
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Chartered
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23
27
25
5
11
21 Standard
Bank BNY
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Chartered
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22
9
16
8
28 Standard BNY
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Chartered
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33
9
22
26
23 Standard
Bank BNY
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Chartered
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11
14
17
31
3
Intesa
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Groep 25
18
11
13
20
22
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ABN TD Bank
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15
17
12
14
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Bank of
ABN
INGTD
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Groep 6
Bank 10
32
12
14
26
11 Société
Bank ABN
of TD Bank 19
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America 16
31
24
41
27 Société
Bank ABN
of TD Bank 15
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America 16
21
6
44
30
35
Bank of
ABN
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BNP America
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24
17
10
26
12
19 MorganING
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Paribas 6
20
30
22
11
24
18 Morgan
BNP Stanley
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21
DBS 34
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Paribas
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18
13 MorganING
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14
13
30
11
4 MorganING
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42
9
13
27
BNP ParibasBank
Standard BNY
IntesaofSantander
Mellon
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Chartered
Sanpaolo 21
14
16
9
23
25 Standard
Bank BNY
Intesaof
Crédit Mellon
Chartered
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Agricole
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27
25
5
47
31
21
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Bank BNY
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Crédit Mellon
Chartered
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Agricole
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22
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8
16
17
28 Standard BNY
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Crédit Mellon
Chartered
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33
22
9
34
26
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Bank BNY
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Crédit Mellon
Chartered
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11
14
17
31
28
3
Bank Scotiabank
Crédit
Société of
ING TD Bank
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11
27
13
20
22
15
8 Société
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AMRO 15
17
12
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ABN
INGTD
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AMRO
Groep 32
6
Bank 10
12
14
11
26 Société
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ABN
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AMRO
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31
24
27
7
41 Société
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21
6
44
35
30
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Morgan
BNP AMRO
Stanley
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17
10
19
12
26 Morgan
Standard ING
BNP Groep
Stanley
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Paribas
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Chartered 6
20
30
11
22
24
18
27 Morgan
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34
25
21
13
18 Morgan
Standard BNP BBVA
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Chartered 14
13
1
30
11
4
33 Morgan
BNP Stanley
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Paribas
Santander 46
42
12
9
13
27
11
Standard
Bank BNY
Intesaof Mellon
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Chartered
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21
23
16
9
25
18 Bank BNY
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Crédit Agricole
Citigroup 25
23
47
5
21
31 Standard
Bank BNY
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Chartered
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CréditSanpaolo
Citigroup
Agricole 22
15
9
28
17
16 Bank BNY
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Crédit Citigroup
Agricole 22
12
9
26
23
34 Standard
Bank BNY
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CréditChartered
Mellon
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14
17
31
3
28
16
HSBC Crédit
Société
Bank TD Bank
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Générale
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of America 11
27
20
13
22
15 Société
Bank TD Bank
Générale
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AMRO 9
15
12
17
14
13 Société
Bank ABN TD Bank
Générale
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of America
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6
12
14
11
26 Société
Bank TD Bank
Générale
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of America
ABN AMRO 16
31
27
24
7
41 Société
Bank Générale
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of America
AMRO 21
44
6
35
30
ABN
Morgan
BNP DBS
AMRO
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Paribas 10
24
17
26
19
12 Morgan
Société BNP Stanley
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Paribas
Santander 20
9
22
11
24
18
27 Morgan
BNP Stanley
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DBS
Paribas
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21
34
25
13
18
15 Morgan
BNP BBVA
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NatWest
Paribas
Santander 13
14
1
30
11
4 Morgan
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42
12
9
13
27
Standard
Bank BNY
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Chartered
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21
23
9
16
25
18
11 Standard
Bank BNY
IntesaofChartered
Mellon
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Sanpaolo
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Crédit Agricole 23
25
47
5
21
31 Standard
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Crédit Mellon 8
Chartered
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Agricole 22
9
16
28
17 Standard
Bank BNY
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Chartered
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Crédit Agricole 12
33
9
22
34
23 Standard
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Intesaof Mellon 31
Chartered
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11
17
14
3
28
Crédit
Société
Bank Agricole
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America 27
13
20
22
15 Société
Bank TD Bank
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15
17
12
14 Société
Bank TD Bank 6
ofGénérale
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12
14
11
26 Société
Bank TD Bank 31
ofGénérale
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America 16
24
27
7 Société
Bank ABN TD Bank 16
ofGénérale
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America
AMRO 21
6
44
35
30
Morgan
ABN
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10
24
26
19
12 ABN
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20
22
30
19
11
24 ABN
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BNP AMRO
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Paribas
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DBS 34
BBVA 21
43
25
18
13 ABN
Morgan
BNP AMRO
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DBS 1
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Paribas
Santander 41
14
13
38
30
11
4 Morgan
BNP Stanley
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Lloyds
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Paribas
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42
18
9
13
27
Standard
BNY Mellon BNY Lloyds
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Chartered 28
14
21
23
16
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Bank BNY
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Mellon
Montreal 18
27
23
25 Standard
Bank BNY
of Mellon
Chartered
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22
9 Standard
Bank BNY
of Mellon
Chartered
Montreal 33
12
22 Standard
Bank BNY
Intesaof Mellon
Chartered
Montreal
Sanpaolo 8
11
14
17
Bank
Intesa
Société
Bank
of Montreal
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25
18
11
20
13
27
15
22
Intesa
Société
Bank
Sanpaolo
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Générale
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47
5
21
31
9
15
17
12
13
20
14
Intesa
Société
Crédit
Bank of
ABN Bank 8
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AMRO
16
28
32
17
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12
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11
Intesa
Crédit
Société
Bank ABN
of
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9
34
23
16
31
24
27
41
14
7
Crédit
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Bank ABN
of Bank 31
Citigroup
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Agricole
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3
28
21
16
6
44
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35
ABN
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BNP AMRO
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17
10
26
19
12
28
21 Standard BNP BBVA
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Chartered 30
22
11
19
24
18
27 Morgan
BNP Stanley
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34
25
DBS 13
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21
18 BNP BBVA
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30
38
11
4
33 Morgan
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42
12
9
18
27
11
Standard
Bank BNY
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Chartered
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Bank
Sanpaolo
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23
16
11
25
18 Bank BNY
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25
47
21 Standard
Bank BNY
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Chartered
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15
9
16
17
28
32 Standard
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CréditChartered
Mellon
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22
34
9
23 Standard
Bank BNY
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CréditChartered
Mellon
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Sanpaolo
Agricole
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TD Bank 168
14
17
28
3
Crédit
Société
Bank Agricole
ofGénérale
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Barclays 27
20
13
15
22 Société
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15
9
17
12
13
14 Société
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America
AMRO 12
14
11
26 Société
Bank ABN TD Bank 31
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24
27
7
41 Société
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AMRO 21
6
44
35
30
Bank of America ABN
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BNP AMRO
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10
17
26
19
12
28
14 Morgan
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30
22
11
19
24
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DBS 34
21
25
43
13
18 Morgan
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14
38
30
4
11 Morgan
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46
9
18
13
27
Standard
Bank BNY
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Chartered
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23
16
18
11 Standard
Bank BNY
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23
25
47
21
31
15 Standard
Bank BNY
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CréditSantander
Mellon
Chartered
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Agricole 22
15
9
16
28
17 Standard
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Crédit Mellon
Chartered
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12
22
34
9
23 Standard
Bank BNY
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Crédit Mellon
Chartered
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Agricole 8
11
14
17
3
28
Crédit
Société
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Bank Agricole
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America
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27
20
13
29
15
22 Deutsche
Société
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of Bank
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9
12
17
13
14 Deutsche
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Bank
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40
12
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11
26 Deutsche
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Bank 31
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16
24
27
41
7 Deutsche
Société
Bank TD Bank 16
Bank
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AMRO 26
21
6
44
35
30
ABN
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BNP AMRO
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17
10
26
19
12
21 Morgan
BNP Stanley
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Paribas 20
30
22
11
19
24 ABN
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DBS 34
BBVA
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25
18
43
13 Morgan
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Paribas 14
13
38
30
11
4 Morgan
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Paribas 46
42
9
18
27
13
Bank
Bank ofStandard BNY
Intesa
Montreal of Lloyds
Mellon
Montreal
Chartered
Sanpaolo
Scotiabank 14
28
16
23
25
18 Standard
Bank BNY
Intesaof Mellon
Chartered
Sanpaolo
Montreal
Scotiabank 18
27
23
47
25
21
31 Standard
Bank BNY
Intesaof Mellon
Chartered
Montreal
Sanpaolo
Scotiabank 15
22
9
16
28
32 Standard
Bank BNY
Intesaof Mellon
Chartered
Sanpaolo
Montreal
Scotiabank
Crédit Agricole 33
12
9
22
23
34 Standard
Bank BNY
Intesaof Mellon
Chartered
Sanpaolo
Montreal
Scotiabank
Crédit Agricole 8
11
17
14
3
28
Crédit
Société
Deutsche
Bank TD Bank
Agricole
ofGénérale
HSBC
Bank
Barclays
America 11
27
20
13
29
22
15 Crédit
Société ABN Agricole
Générale
Deutsche TD Bank
Bank
HSBC
Barclays
AMRO 9
15
32
17
12
13 Société
Crédit
Bank Générale
DeutscheAgricole
TD Bank
Bank
HSBC
Barclays
ofSantander
ABN America
AMRO 17
6
40
12
14
26
11 Société
Bank Générale
Deutsche
ABN TD Bank
Bank
HSBC
Barclays
AMRO
ofSantander
America 16
31
24
10
27
41 Société
Bank Générale
Deutsche
ABN TD Bank
Bank
HSBC
Barclays
AMRO
ofSantander
America 21
16
26
6
44
30
35
ABN
Morgan
BNP AMRO
Stanley
Paribas
BBVA
NatWest 24
17
12
26
19 Bank ofSantander
Morgan
BNP America
Stanley
BBVA
NatWest
Barclays
Paribas 14
20
30
11
12
18
24 Morgan
BNP Stanley
BBVA
NatWest
Lloyds
Paribas 7
21
43
25
18
13 Morgan
BNP Stanley
BBVA
Lloyds
NatWest
Paribas 7
14
38
13
30
4
11 Morgan
BNP Stanley
BBVA 13
Lloyds
NatWest
Paribas 46
42
18
9
27
Bank
Standard BNY
Intesaof Lloyds
Santander
Mellon
Montreal
Chartered
Sanpaolo
TD Bank 28
21
14
16
23
25
11 Standard BNY
Intesa
Bank of Mellon
Chartered
Sanpaolo
Montreal
Scotiabank
Crédit Agricole 27
23
25
47
21
31 Standard
Bank BNY
Intesaof Mellon
Chartered
Montreal
Sanpaolo
Scotiabank
Crédit Agricole 15
22
9
16
17
28 Standard
Bank BNY
Intesaof
Crédit Mellon
Chartered
Montreal
Sanpaolo
Agricole 33
12
22
34
9 Standard
Bank BNY
Intesaof
Crédit Mellon
Chartered
Montreal
Sanpaolo
Agricole
Scotiabank 8
11
14
17
28
Société Scotiabank
Crédit
Deutsche
Bank Agricole
ofGénérale
HSBC
Bank
America
Barclays 18
27
20
13
29
15
22 Société
Bank ABN TD Bank
Générale
Deutsche Bank
HSBC
Barclays
AMRO
of America 15
9
32
17
12
13
14 Société
DeutscheTD Bank 6
ofGénérale
Bank
HSBC
Barclays 32
40
12
14 Société
Bank Scotiabank
ABN TD Bank 31
ofGénérale
Deutsche Bank
HSBC
Barclays
America
AMRO 23
16
10
24
27
41
7 Société
Bank ABN TD Bank 16
ofGénérale
Deutsche Bank
HSBC
Barclays
America
AMRO 3
21
26
6
44
35
30
Morgan Stanley ABN
Morgan
BNP AMRO
Stanley
NatWest
Paribas
BBVA 24
17
19
12
26 Morgan
BNP Stanley
BBVA
NatWest
Lloyds
Paribas 20
30
11
19
18
29 Bank ABN
Morgan
BNP America
AMRO
Stanley
BBVA
NatWest
Lloyds
Paribas 26
11
7
21
25
43 Morgan Stanley
TruistBBVA
Lloyds
NatWest
Bank 4 14
38
13
30
29 Morgan
BNP Stanley
BBVA
NatWest
Lloyds
Paribas 46
42
9
18
37
Bank
Standard BNY
Intesa Truist
of Lloyds
Santander
Mellon
Bank
Montreal
Chartered
Sanpaolo
Scotiabank
TD Bank 28
21
14
30
16
23
25
18 Standard
Intesa
Bank Truist
BNY
of Bank
Santander
Chartered
Mellon
Sanpaolo
Montreal
Scotiabank 24
27
23
25
47
21
31 Standard
Bank
Intesa Truist
BNY
of Bank 13
Santander
Mellon
Chartered
Montreal
Sanpaolo
Scotiabank 27
18
22
15
9
16
28 Standard
Bank BNP
BNY
Intesaof Paribas
Santander
Mellon
Chartered
Montreal
Sanpaolo
Scotiabank 11
33
12
22
9
23 Standard
Bank
Intesa Truist
BNY
of Bank 13
Santander
Mellon
Chartered
Montreal
Sanpaolo
Scotiabank
Crédit Agricole 27
8
11
14
17
3
28
Crédit
Société
Deutsche
Bank Agricole
ofGénérale
HSBC
Barclays
Bank
America 11
27
20
13
22
15
29 Crédit
Société
DeutscheAgricole
TD Bank
Générale
Bank
Barclays
HSBC 15
9
32
12
17
13 Crédit
Société
Deutsche
Bank Agricole
TD Bank 6
Générale
Barclays
Bank
HSBC
ofSantander
America 17
32
12
14
40
11 Crédit
Deutsche
Société
Bank Agricole
TD Bank 31
Bank
Générale
Barclays
HSBC
ofSantander
America 34
16
10
24
27
41 Société
Bank TD Bank 16
Générale
Deutsche Bank
Barclays
HSBC
ofSantander
America 21
26
6
44
35
30
Morgan
ABN
BNP Stanley
AMRO
BBVA
NatWest
Paribas 17
24
26
19
12 Bank ofSantander
ABN
Morgan America
AMRO
BBVA
Stanley
NatWest
Lloyds 14
30
20
11
19
24
29 ABN
Morgan
BNP AMRO
Stanley
BBVA
NatWest
Lloyds
Paribas
Truist Bank 26
7
21
25
18
27
43 ABN
Morgan AMRO
BBVA
Stanley
NatWest
Lloyds 7
13
14
30
38
11 ABN
Morgan
BNP AMRO
BBVA
Stanley
NatWest
Lloyds
Paribas 42
46
9
18
27
37
Standard
Bank BNY
Intesa Truist
of Lloyds
Santander
Mellon
Bank
Chartered
Montreal
Sanpaolo
Scotiabank
HSBC
28
21
14
30
23
16
25
18
13
27
Standard
Bank Truist
BNP
BNY
Intesaof Bank
Paribas
Mellon
Chartered
Sanpaolo
Montreal
Scotiabank
Crédit Agricole
18
27
23
47
25
21
31 Standard
Bank BNY
Intesaof Mellon 13
Chartered
Montreal
Sanpaolo
Scotiabank
Crédit Agricole 22
15
9
16
28
17
32
Standard BNP
BNY
Intesa
Bank of Paribas
Truist Bank 4
Mellon
Chartered
Sanpaolo
Montreal
Scotiabank
Crédit
DeutscheAgricole
Bank
29
33
12
9
22
23
34
10
Standard
Intesa
Bank Truist
BNY
of Bank 13
Mellon
Chartered
Sanpaolo
Montreal
Scotiabank
Crédit
DeutscheAgricole
Bank
8
11
17
14
3
28
Scotiabank Crédit
Société
Deutsche
Bank
Morgan Agricole
ofGénérale
Bank
Barclays
America
Stanley 20
29
22
15
17 Société
Standard
Bank ofGénérale
Chartered
ABN HSBC
Barclays
America
AMRO
BBVA 9
27
17
12
13
14
20 Société
Bank Générale
Deutsche Bank 12
Barclays
HSBC
ofSantander
ABN
Morgan America
AMRO
Stanley 40
14
11
26
7 Société
Bank Générale
HSBC
Barclays
ofSantander
ABN
Morgan America
AMRO
Stanley 16
24
27
41
7
14 Société
Bank Générale
HSBC
Barclays
ofSantander
ABN
Morgan America
AMRO
Stanley 21
26
6
44
35
30
46
ABN
BNP
BNY AMRO
BBVA
Paribas
NatWest
Lloyds
Santander
Mellon 24
26
12
19
28
21
14 Morgan
BNP Stanley
NatWest
Lloyds
Paribas
Santander
Truist Bank 30
11
19
18
24
29 BNP
Truist
BNY BBVA
NatWest
Lloyds
Paribas 21
43
25
Bank 13
Mellon 18
27
15 BNP BBVA
Lloyds
NatWest
Paribas
Truist Bank 4 38
13
30
29
11 BNP
Truist
BNY BBVA
Lloyds
NatWest
Paribas
Bank 13
Mellon 42
18
9
27
37
8
11
Bank
Standard
Intesa Truist
of Bank
Montreal
Chartered
Sanpaolo
Scotiabank 30
16
23
25
18 Standard
Intesa
Bank BNY
of Mellon
Chartered
Sanpaolo
Montreal
Scotiabank
Crédit Agricole 27
23
25
47
21
31 Standard
Bank
IntesaofChartered
Montreal
Sanpaolo
Scotiabank
Crédit
Société Agricole 22
9
16
28
17
32 Standard
Bank BNY
Intesaof Mellon
Chartered
Montreal
Sanpaolo
Scotiabank 12
33
22
9
23
34 Standard
Bank
IntesaofChartered
Montreal
Sanpaolo
Scotiabank
Crédit Agricole 14
17
3
28
21
Société
MorganofGénérale
Crédit
Deutsche
Bank ABN
BNP
HSBC
Agricole
Bank
Barclays
America
Rabobank
Stanley
AMRO
BBVA
NatWest
Paribas
20
13
27
29
22
15
31
17
24
26
19
12
Société
Bank Générale
Deutsche Bank
HSBC
Rabobank
ABN Barclays
AMRO
ofSantander
Morgan
BNP America
BBVA
Stanley
NatWest
Lloyds
Paribas
9
17
32
10
12
13
14
20
30
11
19 Bank ofGénérale
Deutsche
Morgan
BNP
Bank 12
HSBC
Rabobank
ABN Barclays
America
AMRO
Stanley
BBVA
NatWest
Lloyds
Paribas
40
46
14
26
11
7
21
25
43
13
Crédit
Deutsche
Société
Bank ABN
Morgan
BNP
Agricole
Bank 24
ofGénérale
Rabobank
HSBC
Barclays
America
AMRO
Stanley
BBVA
NatWest
Lloyds
Paribas
16
10
43
27
41
7
14
13
30
38
Société
Bank ofGénérale
Deutsche
ABN
Morgan
BNP
Bank 6
HSBC
Rabobank
Barclays
America
AMRO
Stanley
BBVA
NatWest
Lloyds
Paribas
26
29
44
35
30
46
42
9
18
13
NatWest Standard
Bank BNY Lloyds
Santander
Mellon
Chartered
Truist
of Bank
Montreal 28
21
14
23
16
30 Standard
Bank Truist
BNY
Intesaof
Crédit Bank
Chartered
Mellon
Montreal
Sanpaolo
Agricole 18
24
29
27
23
25
47
31 Standard
Bank BNY
IntesaofSantander
Chartered
Truist Bank
Mellon
Montreal
Sanpaolo 18
22
27
15
9
16 Standard
Bank Truist
BNY
Intesaof
Crédit Bank
Santander
Chartered
Mellon
Montreal
Sanpaolo
Agricole 4
29
11
33
12
22
9
34 Standard
Bank
IntesaofSantander
Truist
BNY Bank
Chartered
Mellon
Montreal
Sanpaolo 27
37
11
8
14
17
28
Intesa Scotiabank
Crédit
Société Sanpaolo
Deutsche
Bank Agricole
ofGénérale
HSBC
Bank
Barclays
America 18
25
27
20
13
29
22
15 Société Scotiabank
Générale
Deutsche Bank
Barclays
Rabobank
HSBC 9
21
32
17
12
10 Société Scotiabank
Crédit
DeutscheAgricole
Générale
Barclays
Bank
HSBC
Rabobank 17
28
32
12
14
46
40 Société Scotiabank
Générale
Deutsche Bank
Barclays
HSBC
Rabobank 16
23
10
24
27
43 Crédit
Société
Bank of Agricole
Scotiabank
Générale
Deutsche Bank
Barclays
HSBC
Rabobank
America 3
21
26
6
44
29
ABN
Morgan Rabobank
AMRO
Stanley
BBVA
NatWest 31
24
17
26
19 Bank of
ABN
Morgan America
AMRO
BBVA
Stanley
NatWest
Lloyds 13
14
30
20
11
19 Bank of
ABN
Morgan America
AMRO
Stanley
BBVA
NatWest
Lloyds 26
11
7
21
25
43 Bank of
ABN
Morgan America
AMRO
BBVA
Stanley
NatWest
Lloyds 41
7
13
14
30
29
38 ABN
Morgan AMRO
BBVA
Stanley
NatWest
Lloyds 35
30
42
46
9
18
37
Standard
Bank BNY Mellon
Truist
of Lloyds
Santander
Bank
Chartered
Montreal
Scotiabank 14
28
21
30
23
16
18 Standard
Bank
IntesaofSantander
ABN
BNY AMRO
Mellon
Chartered
Montreal
Sanpaolo 24
13
23
27
25
47 Standard
Bank BNY
IntesaofSantander
Truist Bank
Chartered
Mellon
Montreal
Sanpaolo 27
18
22
15
9 Standard
Bank
Intesa Truist
BNY
of Bank
Santander
Mellon
Chartered
Montreal
Sanpaolo 11
12
33
22
9 Standard
Bank
Intesa Truist
BNY
of Bank
Santander
Mellon
Chartered
Montreal
Sanpaolo 27
8
11
14
17
Intesa
Crédit Sanpaolo
Agricole
HSBC 25
27
13 Crédit
Société Agricole
Scotiabank
Générale 31
21
9 Scotiabank
Crédit
Société Agricole 16
28
17
32 Scotiabank
Crédit
DeutscheAgricole
Bank 24 23
34
10 Scotiabank
Crédit
DeutscheAgricole
Bank 6 3
28
26
21
Société
Bank
Société Générale
MorganofGénérale
Deutsche
ABN Bank
Barclays
America
Rabobank
Stanley
AMRO
BBVA
NatWest
20
29
22
15
31
17
24
26
19
Deutsche
Bank of
ABN
Morgan Bank
HSBC
Barclays
Rabobank
America
AMRO
BBVA
Stanley
NatWest
32
17
12
10
13
14
20
30
11
Deutsche
Bank ABN
Morgan
Bank 12
ofGénérale
HSBC
Barclays
Rabobank
America
AMRO
Stanley
BBVA
NatWest
40
14
46
11
26
7
21
25
Société
Bank ofGénérale
ABN
Morgan HSBC
Barclays
Rabobank
America
AMRO
Stanley
BBVA
NatWest
16
43
27
7
41
14
13
30
Société
Bank ofGénérale
Morgan HSBC
Barclays
Rabobank
ABN America
AMRO
Stanley
BBVA
NatWest
Lloyds
44
29
35
30
46
42
9
18
Standard
Bank BNYSantander
Mellon
Truist
of Lloyds
Bank
Chartered
Montreal
Raiffeisen 21
14
28
30
23
16
32 Standard
Intesa
Bank Truist
BNY
of Lloyds
Santander
Bank
Mellon
Raiffeisen
Chartered
Sanpaolo
Montreal 19
24
29
23
26
27
47
25 Standard
Bank
Intesa Truist
BNY
of Lloyds
Santander
Raiffeisen
Chartered
Montreal
Sanpaolo 43
18
27
Bank 15
Mellon 22
31
9
16 Standard
Bank
Intesa Truist
BNY
of Lloyds
Bank 12
Santander
Raiffeisen
Mellon
Chartered
Montreal
Sanpaolo 29
38
11
35
33
22
9 Standard
Bank BNY
IntesaofSantander
Truist Bank 8
Mellon
Raiffeisen
Chartered
Montreal
Sanpaolo 27
37
41
11
14
17
Intesa Scotiabank
Sanpaolo 18
25
27 Crédit Agricole
Scotiabank 31
21 Scotiabank
Crédit
Société Agricole 28
17
32 Scotiabank
Crédit Agricole 34
23 Scotiabank
Crédit Agricole 3
28
21
Crédit
Société
Deutsche
Bank of
ABN
Morgan Agricole
Générale
HSBC
Bank
Barclays
America
AMRO
Rabobank
Stanley
NatWest
BBVA
20
13
29
22
15
24
17
31
19
26
Société
Bank Générale
Deutsche
ABN
Morgan Bank
HSBC
Barclays
Rabobank
AMRO
ofSantander
America
Stanley
BBVA
Lloyds
NatWest
9
32
17
12
10
13
14
20
30
19
24
11 Bank ofGénérale
Deutsche
ABN
Morgan Bank 12
HSBC
Barclays
AMRO
Rabobank
America
Stanley
BBVA
NatWest
Lloyds
40
14
26
46
11
7
21
43
25
Société
Bank
Morgan
Générale
Deutsche Bank 24
HSBC
Rabobank
ABN Barclays
AMRO
ofSantander
America
Stanley
BBVA
Lloyds
NatWest
16
10
43
27
41
7
14
13
38
11
30
Société
Bank ofGénérale
Deutsche
Morgan Bank 6
HSBC
Barclays
Rabobank
ABN AMRO
America
Stanley
BBVA
Lloyds
NatWest
26
44
29
30
35
46
42
18
9
Santander
Standard
Bank BNY
Intesa Truist
of Lloyds
Santander
Mellon
Bank
Chartered
Montreal
Raiffeisen
Sanpaolo
Scotiabank 28
21
14
30
23
16
32
25 Standard
Bank
Intesa Truist
BNY
of
Crédit Bank
Chartered
Raiffeisen
Mellon
Montreal
Sanpaolo
Agricole 29
27
23
26
25
47
31 Standard
Bank
IntesaofSantander
Chartered
Truist
BNY Bank
Mellon
Raiffeisen
Montreal
Sanpaolo 18
22
27
15
31
9
16 Standard
Bank
Intesa Truist
BNY
of
Crédit Bank
Chartered
Mellon 12
Raiffeisen
Montreal
Sanpaolo
Agricole 29
33
22
35
9
34 Standard
Bank BNY
Intesaof
CréditSantander
Truist Bank
Chartered
Mellon
Raiffeisen
Montreal
Sanpaolo
Agricole 27
37
11
8
41
14
17
28
Crédit
Société
Bank of
DeutscheAgricole
Générale
America
Bank
Barclays 18
27
20
15
29 Société Scotiabank
Générale
Deutsche Bank 21
9
32 Société Scotiabank
Crédit
DeutscheAgricole
Générale
Bank
Barclays 17
28
32
40
46
14 Société Scotiabank
Générale
Deutsche Bank
Rabobank 23
16
43
10 Société Scotiabank
Générale
Deutsche Bank
Rabobank
Barclays 3
21
26
29
ABN
Morgan
BNY Rabobank
AMRO
Stanley
NatWest
BBVA
Lloyds
Mellon
22
31
24
17
19
26
28
14
Intesa
Bank ABN
Morgan Barclays
ofSanpaolo
America
AMRO
Stanley
BBVA
Lloyds
NatWest
Santander
12
47
14
13
20
30
19
11
24
29 Bank ofRabobank
ABN
Morgan AMRO
America
Stanley
BBVA
NatWest
Lloyds 26
11
7
21
25
43 Bank ABN
Morgan Barclays
of America
AMRO
Stanley
TruistBBVA
NatWest
Lloyds
Bank 12
27
7
41
14
13
30
29
38
Bank of America
ABN
Morgan AMRO
Stanley
TruistBBVA
NatWest
Lloyds
Bank 8
44
35
30
46
42
9
18
37
Standard
Bank
IntesaofSantander
Truist Bank
Chartered
Montreal
Raiffeisen
Scotiabank
Sanpaolo 21
30
23
16
32
18
25 Standard
Bank
Intesa Truist
BNY
of Bank
Mellon
Chartered
Raiffeisen
Montreal
Sanpaolo 23
27
26
25
47
31 Standard
Bank BNY
IntesaofSantander
Truist
Mellon
Chartered
Raiffeisen
Montreal
Sanpaolo 27
18
Bank 15
22
31
9
16 Standard
Bank BNY
IntesaofSantander
Mellon
Chartered
Raiffeisen
Montreal
Sanpaolo
Scotiabank 11
33
35
22
9
34 Standard
Bank BNY
IntesaofSantander
Mellon
Chartered
Raiffeisen
Montreal
Sanpaolo
Scotiabank 27
11
41
14
17
3
28
Crédit
Barclays Société Agricole
ofGénérale 27
20 Crédit Agricole
Scotiabank 21
9 Société Scotiabank
Crédit Agricole
ofGénérale 17
28
32 Crédit
Société Agricole 23
16 Crédit
Société Agricole
ofGénérale 21
Bank
Deutsche
ABN
Morgan Barclays
America
Bank
Rabobank
AMRO
Stanley
Westpac
NatWest
BBVA
Lloyds
22
15
29
31
24
17
33
19
26
28
Société
Bank
Morgan
Générale
Deutsche Bank
Barclays
ofRabobank
ABN America
Westpac
AMRO
BBVA
Stanley
Lloyds
NatWest
32
12
10
14
37
13
30
20
19
11
Deutsche
Bank ABN
Morgan Bank 11
Barclays
Rabobank
America
Westpac
AMRO
Stanley
BBVA
NatWest
Lloyds
Santander
40
14
46
24
26
7
21
25
43
18 Bank ofGénérale
Deutsche
ABN
Morgan Bank 7
Rabobank
Barclays
Westpac
America
AMRO
Stanley
BBVA
NatWest
Lloyds
43
10
27
36
41
14
13
38
30
Deutsche
Bank ABN
Morgan Bank 35
Barclays
Rabobank
America
Westpac
AMRO
Stanley
BBVA
NatWest
Lloyds
26
44
29
19
30
46
42
9
18
27
37
Standard
Bank BNY
Intesa Santander
Mellon
Truist
of Bank
Chartered
Montreal
Sanpaolo
Raiffeisen
Scotiabank 21
14
30
23
16
25
18
32 Standard BNY
Intesa
Bank ofSantander
Truist Bank
Mellon
Chartered
Raiffeisen
Sanpaolo
Montreal 24
29
23
27
26
47
25 Standard
Intesa
Bank Truist
BNY
of Mellon
Chartered
Sanpaolo
Raiffeisen
Montreal 27
Bank 15
22
9
16
31 Standard BNY
Intesa
Bank ofSantander
Truist Bank 12
Mellon
Raiffeisen
Chartered
Sanpaolo
Montreal 11
29
33
35
22
9 Standard BNY
Intesa
Bank ofSantander
Truist Bank 8
Mellon
Chartered
Raiffeisen
Sanpaolo
Montreal 11
41
14
17
Société ofGénérale
Crédit Agricole 20
27 Scotiabank
Crédit
Deutsche
Société Agricole
Bank 31
21
32
9 Société Scotiabank
Crédit Agricole
Générale
Deutsche 28
17
32
Bank 11
40 Société Scotiabank
Crédit
DeutscheAgricole
Bank
Générale 34
23
10
16 Scotiabank
Crédit
Deutsche
Société Agricole
Bank
Générale 3
28
26
21
Deutsche
Bank ABN
Morgan Bank
Barclays
America
Rabobank
AMRO
Stanley
Westpac
BBVA
NatWest
Lloyds
Santander
29
22
15
31
24
17
33
26
19
28
21 Bank ofGénérale
ABN
Morgan Barclays
Rabobank
AMRO
Westpac
America
Stanley
BBVA
Lloyds
NatWest
12
10
13
37
14
20
30
19
11 Bank ABN
of
Morgan Barclays
AMRO
Rabobank
America
Westpac
Stanley
BBVA
NatWest
Lloyds
Santander
14
26
24
46
7
21
43
25
18 Bank ABN
of
Morgan Barclays
Rabobank
AMRO
America
Westpac
Stanley
BBVA
Lloyds
NatWest
27
43
41
7
36
14
13
38
30 Bank ABN
of
Morgan Barclays
Rabobank
AMRO
America
Westpac
Stanley
BBVA
Lloyds
NatWest
Santander
44
29
30
19
35
46
42
18
9
27
37
Standard Bank
Standard of
Chartered
Intesa Montreal
Truist Bank
Chartered
Raiffeisen
Sanpaolo
Scotiabank 16
30
23
32
25
18 Standard
Bank
IntesaofSantander
Truist Bank
Chartered
BBVA
Montreal
Sanpaolo 24
29
27
25
30
47 Standard
Intesa
Bank Truist
of Bank
Chartered
Raiffeisen
Sanpaolo
Montreal
Scotiabank 27
22
31
9
16
28 Standard
Bank
IntesaofSantander
Truist Bank
Raiffeisen
Chartered
Montreal
Sanpaolo 11
29
35
33
22
9 Standard
Bank
Intesa Truist
of Bank 14
Raiffeisen
Chartered
Montreal
Sanpaolo 11
41
17
Société
Bank ofGénérale
Crédit
Deutsche
ABN Agricole
Bank
America
Barclays
Rabobank
AMRO 20
27
29
15
22
31
24
17 Bank Scotiabank
Crédit
Deutsche
Société of Agricole
Bank
Générale
Barclays
Rabobank
America 31
21
9
32
12
10
14 Crédit
Société
Bank ABN Agricole
ofGénérale
DeutscheBarclays
Rabobank
America
AMRO 17
32
Bank 11
40
46
14
26
24 Société
Bank Scotiabank
Crédit Agricole
ofGénérale
Deutsche Bank 7
Rabobank
Barclays
America 34
23
16
43
10
27
36 Société
Bank Scotiabank
Crédit Agricole
ofGénérale
Deutsche Bank 35
Rabobank
Barclays
America 3
28
21
26
29
44
30
Morgan Stanley
Westpac
NatWest
BBVA 33
19
26 ABN
Morgan AMRO
Westpac
Stanley
BBVA
Lloyds
NatWest 13
37
20
30
19 Morgan Westpac
Stanley
BBVA 7
21 ABN
Morgan AMRO
Westpac
Stanley
BBVA
NatWest 41
14
13
38 ABN
Morgan AMRO
Westpac
Stanley
BBVA
NatWest
Lloyds 19
46
42
9
18
Standard
Bank
Intesa
Société of Lloyds
Santander
Chartered
Montreal
Truist Bank
Raiffeisen
Sanpaolo
Scotiabank
US Bank
28
21
23
16
30
32
25
18
34
20
27 Standard
Bank
Intesa
CréditSantander
Truist
of Bank
Chartered
Raiffeisen
Montreal
US Bank
SanpaoloBank
Agricole
Scotiabank
11
24
29
27
25
26
28
47
31
21 Standard
Bank
Intesaof
Crédit
NatWest
TruistLloyds
Santander
Bank
Chartered
Raiffeisen
Montreal
US Bank
Sanpaolo
Scotiabank
Agricole
43
25
18
27
22
Bank 9
31
36
16
17
28 Standard
Bank
Intesaof USLloyds
Santander
Truist Bank 22
Raiffeisen
Chartered
Montreal
Sanpaolo
Scotiabank
Crédit Agricole
30
11
29
33
35
39
9
34
23 Standard
Bank
Intesaof
Crédit
Santander
Truist Bank
Chartered
Raiffeisen 27
37
11
41
Bank 14
Montreal
US Bank
Sanpaolo
Scotiabank
Agricole 25
17
3
28
ABN AMRO Bank ofGénérale
Crédit
Deutsche
ABN
Morgan Agricole
Bank
Barclays
America
Rabobank
AMRO
Stanley
BBVA
Westpac
NatWest 29
22
15
31
24
17
33
26
19
Deutsche
Société
Bank ofGénérale
ABN
Morgan Barclays
Rabobank
America
AMRO
Westpac
BBVA
Stanley
9
32
12
10
14
13
37
30
20
Société
Bank ofGénérale
Deutsche
ABN
Morgan Barclays
Rabobank
America
AMRO
BBVA
Westpac
Stanley
NatWest
32
40
14
46
11
26
24
7
21 Société
Bank ofGénérale
Deutsche
ABN
Morgan
Bank 7
Barclays
Rabobank
America
Westpac
AMRO
BBVA
Stanley
16
10
27
43
36
41
14
13
Société
Bank ofGénérale
Deutsche
ABN
Morgan Barclays
Rabobank
America
AMRO
Westpac
BBVA
Stanley
21
26
44
29
35
30
19
46
42
Standard
Bank Santander
Truist
of Lloyds
Bank
Chartered
Montreal 21
28
30
23
16 Standard NatWest
TruistLloyds
Bank
Santander
Chartered
Raiffeisen 19
11
29
27
24
26 Standard
Intesa Lloyds
Santander
Truist Bank
Chartered
Sanpaolo
Raiffeisen 25
43
27
18
22
9
16
36 Standard NatWest
TruistLloyds
Bank
Santander
Chartered
Raiffeisen 38
30
29
33
11
35 Standard
Intesa NatWest
TruistLloyds
Bank
Santander
Chartered
Raiffeisen
Sanpaolo 9
18
37
27
11
41
14
Intesa
Crédit
Société Raiffeisen
Sanpaolo
Scotiabank
Deutsche US Bank
Agricole
Générale
Bank
Barclays 32
25
18
34
27
20
29
22 Intesa
Bank
Société ofSanpaolo
US Bank
Scotiabank
Crédit
Deutsche Bank
Montreal
Agricole
Générale 25
47
28
31
21
32
9 Bank
Société of Montreal
US Bank
Scotiabank
Crédit Agricole
Générale
Deutsche Bank 31
17
28
32
40 Intesa
Bank of
CréditSanpaolo
Montreal
Deutsche
Société US Bank
Bank 23
Scotiabank
Agricole
Générale 22
9
39
34
10
16 Bank of
Crédit Montreal
Deutsche
Société US Bank
Bank 3
Scotiabank
Agricole
Générale 17
25
28
26
21
Morgan
ABN Stanley
Rabobank
AMRO
Westpac
BBVA
NatWest 17
31
24
33
26 ABN
Crédit
Morgan Barclays
Rabobank
AMRO
Agricole
Stanley
BBVA 12
10
13
31
20
30 ABN
Morgan Barclays
Rabobank
AMRO
Westpac
BBVA
Stanley 14
46
24
26
7
21 ABN
Morgan Barclays
Rabobank
Westpac
AMRO
Stanley
BBVA 27
36
43
41
14
13 ABN
Morgan Barclays
Rabobank
Westpac
AMRO
Stanley
BBVA 44
29
19
30
46
42
Santander 19
21 NatWest 19 NatWest 25 NatWest 38 NatWest
Lloyds 9
18
Bank
Standard
Intesa
Société
Intesa Sanpaolo Truist
of Lloyds
Bank
Montreal
Chartered
Raiffeisen
Sanpaolo
Scotiabank
Crédit US
Générale
Deutsche Bank
Agricole
Bank
Barclays
28
30
16
23
32
25
18
34
20
27
29
22
Standard
Bank
Intesa Truist
of
Crédit
Lloyds
Bank
Santander
Chartered
Raiffeisen
Montreal
Sanpaolo
Deutsche
Société US Bank
ScotiabankBank
Agricole
Générale
11
29
24
27
26
25
47
28
31
21
9
32
Standard
Bank
Intesaof
Crédit
Société USLloyds
Santander
Truist Bank
Sanpaolo
Scotiabank
Agricole
Générale
Deutsche Bank
Barclays
43
18
27
22
Bank 9
Chartered
Raiffeisen
Montreal 31
16
36
28
17
32
40
Standard
Bank
Intesaof
Crédit
Société USLloyds
Santander
Truist Bank
Raiffeisen
Bank 22
Chartered
Montreal
Sanpaolo
Scotiabank
DeutscheAgricole
Générale
Bank
30
11
29
35
33
39
9
23
34
16
10
Standard
Bank
Intesa
Société ofSantander
Truist Bank
Raiffeisen
Montreal
Sanpaolo
US Bank
Scotiabank
Crédit Agricole
Générale
Deutsche
27
37
41
11
Bank 14
Chartered 17
25
3
28
21
26
ABN
Morgan AMRO
Stanley
Rabobank
Westpac
BBVA
NatWest 24
17
31
33
26
19 Morgan Barclays
Rabobank
ABN AMRO
Westpac
Stanley
NAB
BBVA
Lloyds 12
10
13
37
20
42
30
19 Morgan Rabobank
ABN AMRO
NAB 7
Westpac
Stanley
BBVA 14
46
26
24
48
21 Morgan Barclays
Rabobank
ABN Westpac
AMRO
NAB 14
Stanley
BBVA 27
36
43
41
25
13 ABN
Morgan Barclays
Rabobank
AMRO
Westpac
NAB 46
Stanley
BBVA 44
29
30
19
7
42
Standard
Bank
Intesa Truist
of NAB
Santander
Lloyds
Bank
Chartered
Montreal
Raiffeisen
Sanpaolo 35
21
28
30
23
16
32 Standard
Bank of NatWest
Truist Bank
Santander
Chartered
Raiffeisen
Montreal 11
29
24
27
26
25 Standard
Bank of NatWest
Lloyds
Santander
Truist Bank
Chartered
Raiffeisen
Montreal 43
25
18
27
22
9
31 Standard
Bank of NatWest
Lloyds
Santander
Truist Bank
Chartered
Raiffeisen
Montreal 38
30
29
11
33
22
35 Standard
Bank of NatWest
Lloyds
Santander
Truist Bank
Chartered
Raiffeisen
Montreal 9
18
27
37
11
41
14
Société Scotiabank
Crédit
DeutscheAgricole
US
GénéraleBank
Barclays
Bank 25
18
27
20
34
22
29 Intesa
Crédit
Société Sanpaolo
US Bank
Scotiabank
Générale
Deutsche
RabobankBank
Agricole 47
28
31
21
9
32
10 Intesa
Crédit
Société Sanpaolo
Agricole
US Bank
Scotiabank
Générale
Deutsche Bank 16
17
36
28
32
40 Intesa
Crédit
Société US Bank
Sanpaolo
Agricole
Scotiabank
Générale
Deutsche Bank
Rabobank 39
9
34
23
16
10
43 Intesa
Crédit
Société Sanpaolo
US Bank
Agricole
Scotiabank
Générale
Deutsche Bank 17
25
28
3
21
26
29
ABN
Morgan Rabobank
AMRO
Stanley
Westpac
BBVA
NatWest 31
24
17
33
26
19 ABN
Morgan Barclays
AMRO
Westpac
BBVA
NAB
Stanley 13
12
37
20
30
42 ABN
Morgan Barclays
Rabobank
AMRO
BBVA
Westpac
Stanley
NAB 46
14
26
24
7
21
48 ABN
Morgan Barclays
AMRO
Westpac
BBVA
Stanley
NAB 41
27
36
14
13
25 Morgan Rabobank
ABN Barclays
AMRO
Westpac
BBVA
Stanley
NAB
NatWest 44
30
19
46
42
7
BBVA Standard Truist NAB
Lloyds
Santander
Bank
Chartered
Scotiabank 35
28
21
30
23
18 Standard NatWest
TruistLloyds
Bank
Santander
Chartered
Raiffeisen 19
11
29
24
27
26 Standard NatWest
Lloyds
Santander
Truist Bank
Chartered
Raiffeisen 43
25
27
18
22
31 Standard NatWest
TruistLloyds
Bank
Santander
Chartered
Raiffeisen 38
30
29
11
33
39
35 Standard TruistLloyds
Bank
Santander
Chartered
Raiffeisen 9
18
37
27
11
41
Intesa
Crédit
Société Raiffeisen
Sanpaolo
US Bank
Agricole
Générale
Barclays 32
25
34
27
20
22 Intesa
Crédit
Société Sanpaolo
Lloyds
Scotiabank
Agricole
Générale
Deutsche Bank 47
19
21
31
9
32 Intesa
Crédit
Société Sanpaolo
US Bank
Agricole
Scotiabank
Générale
Deutsche Bank
Barclays 36
16
17
28
32 Intesa
Crédit
Société US Bank
Sanpaolo
Scotiabank
Agricole
Générale
Deutsche Bank 9
23
34
16
10 Intesa
Société US Bank
Sanpaolo
Scotiabank
Crédit Agricole
Générale
Deutsche Bank 25
17
3
28
21
26
Deutsche
Morgan
ABN Bank
Rabobank
Stanley
AMRO
Westpac
BBVA
NatWest 29
31
17
24
33
26
19 Morgan Rabobank
ABN Barclays
AMRO
Westpac
Stanley
BBVA
NAB 10
12
13
37
20
30
42 Rabobank
ABN
Morgan AMRO
NAB 7
Westpac
Stanley
BBVA 40
14
46
24
26
21
48 ABN
Morgan Barclays
Rabobank
Westpac
AMRO
NAB 14
Stanley
BBVA 27
36
43
41
25
13 ABN
Morgan Barclays
Rabobank
Westpac
AMRO
NAB 46
Stanley
BBVA 44
29
19
30
42
7
NAB
Santander 35
21
28 PNC NatWest
Financial 19 NatWest 25 PNC Financial
NatWest 30
38 PNC NatWest
Lloyds
Financial 9
18
Standard
PNC
Intesa Truist
Crédit
Société
Crédit Agricole
Lloyds
Bank
Chartered
Financial
Sanpaolo
Scotiabank
Raiffeisen
US
Générale
Deutsche Bank
Agricole
Barclays
Bank
30
23
25
18
32
34
27
20
36
22
29
Standard
Intesa Truist
Crédit
Lloyds
Bank
Santander
Chartered
Raiffeisen
Sanpaolo
Deutsche
Société US Bank
Scotiabank
GénéraleBank
Agricole
11
29
24
27
26
47
28
21
34
31
32
9
PNC
Standard
Intesa
Crédit
Société
Financial
USLloyds
Santander
Truist Bank
Chartered
Raiffeisen
Sanpaolo
Agricole
Générale
Deutsche Bank
Barclays
43
27
18
22
31
16
36
Bank 28
Scotiabank 17
38
32
40
Standard
Intesa
Société USLloyds
Santander
Truist Bank
Chartered
Raiffeisen
Bank 23
Sanpaolo
Scotiabank
Crédit Agricole
Générale
Deutsche Bank
29
11
33
39
35
9
37
34
16
10
Standard
Intesa
Crédit
Société
Santander
Truist
Deutsche
Bank
Chartered
Raiffeisen
Sanpaolo
US Bank
Bank 3
Scotiabank
Agricole
Générale
27
37
11
41
17
25
23
28
21
26
ABN
Morgan Rabobank
AMRO
Stanley
Westpac
BBVA
NatWest 31
24
17
33
26
19
28 Morgan Rabobank
ABN Barclays
AMRO
Westpac
Services
Stanley
BBVA
NAB 10
12
13
37
20
30
42 Morgan Rabobank
ABN AMRO
NAB 7
Westpac
Stanley
BBVA
Services
Lloyds 14
46
26
24
21
43
48 ABN
Morgan Barclays
Rabobank
AMRO
Westpac
Services
NAB 14
Stanley
BBVA 43
27
41
36
25
13
38 ABN
Morgan Barclays
Rabobank
AMRO
Westpac
NAB 46
Stanley
Services
BBVA
Lloyds 44
29
30
19
42
7
18
PNC
Standard Lloyds
Services
NAB
Santander
Financial
Chartered
Truist Bank
Raiffeisen 21
35
23
30
32 PNC
Standard
Intesa TruistLloyds
NatWest
Financial
Santander
Bank
Raiffeisen
Chartered
Sanpaolo 19
11
29
24
26
27
47 PNC
Standard NatWest
Financial
Santander
Truist Bank
Chartered
Raiffeisen 25
18
27
22
31 PNC
Standard
Intesa TruistLloyds
NatWest
Financial
Santander
Bank
Raiffeisen
Chartered
Sanpaolo 30
29
11
35
33
9 PNC
Standard NatWest
Financial
Santander
Truist Bank
Raiffeisen
Chartered 9
27
37
41
11
Intesa
Crédit
Société Sanpaolo
Scotiabank
Deutsche US Bank
Agricole
Générale
Bank
Barclays 25
18
34
27
20
36
29
22 Crédit
Société US
Scotiabank
Générale
Deutsche Bank
Agricole
Bank 28
31
21
34
9
32
10 Intesa
Crédit
Société Sanpaolo
Agricole
US Bank
Scotiabank 16
17
36
28
38
Bank 32
Générale
Deutsche 40 Crédit
Société US Bank
Agricole
Scotiabank
Générale
Deutsche Bank 39
34
23
16
37
10 Intesa
Crédit
Société Sanpaolo
US Bank
Agricole
Scotiabank
Bank 21
Générale
Deutsche 17
25
28
3
23
26
29
ABNRabobank
AMRO
NatWest
Westpac
BBVA
Services 31
24
33
19
26 Rabobank
ABN Barclays
AMRO
Westpac
Services
BBVA 12
13
37 ABN Barclays
Rabobank
AMRO
Westpac
Services
BBVA 46
14
26
24
48
NAB 25
21 Rabobank
ABN Barclays
AMRO
Westpac
NAB
Services
BBVA 43
27
41
36
25 Rabobank
ABN Barclays
AMRO
Westpac
Services
NAB
BBVA
NatWest 44
30
19
7
42
NAB 35
28 Deutsche Bank
NatWest 30
32
11
19 Lloyds 43 NatWest 13
30
38 Lloyds 9
18
Standard
Lloyds BankingPNC
Intesa Truist
Crédit
Société
Lloyds
Santander
Chartered
Group
Financial
Bank
Raiffeisen
Scotiabank
Sanpaolo
Deutsche US Bank
Bank
Agricole
Générale
Barclays
21
23
30
32
18
25
34
27
20
36
22
29
PNC
Standard
Intesa
Crédit
Société US
Lloyds
Financial
Santander
Truist Bank
Raiffeisen
Chartered
Sanpaolo
ScotiabankBank
Agricole
Générale
Deutsche Bank
29
24
27
26
47
28
21
31
34
9
32
PNCTruist
Standard
Intesa
Société
NatWest
Financial
Santander
Bank
Chartered
Raiffeisen
Sanpaolo
US Bank
Scotiabank
Crédit Agricole
Générale
18
27
22
31
36
16
Bank 28
17
38
32 Standard
Intesa
Crédit
Société USLloyds
PNCTruist
Financial
Santander
Bank
Chartered
Raiffeisen
Bank 23
Sanpaolo
Scotiabank
Agricole
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39
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27
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23
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24
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28
23
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27
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31
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30
23
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32
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27
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29
22
31
24
38
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36
29
26
27
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47
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14
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28
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43
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43
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23
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28
21 ABN Barclays
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37
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42
19
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13
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7
42
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39
32
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29
24
36
27
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33
41
22
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11
33
28
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27
43
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25
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36
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34
32
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34
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28
23
34
26
44
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33
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37
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42
30
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26
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36
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23
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32
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27
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24
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31
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27
41
22
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29
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33
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9
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23
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ANZ 44
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21 CaixaBank
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42
30 CaixaBank
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24
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21
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19
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7
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Groupe
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Street
Raiffeisen
Nordea
US Bank
CIBC 46
39
32
48
34
41 PNC KBC
Groupe Group
BPCE
Financial
Truist
State Bank
Street
Nordea
Raiffeisen 38
46
29
36
35
40
26 PNCDanske
KBC
Groupe
Truist
State Bank
Group
Financial
BPCE
Bank
Street
Nordea
Raiffeisen 33
35
41
49
31 Danske
Groupe
PNCKBC Bank
BPCE
Group
Financial
Truist
State Bank
Street
Nordea
Raiffeisen
CIBC 48
20
49
28
35
46 Groupe
PNCKBC
Truist
State BPCE
Group
Financial
Bank
Street
Nordea
Raiffeisen
CIBC 20
38
43
36
41
39
Nordea Crédit UniCredit
RabobankANZ
Mutuel 43
36
38
31
45
47
40 Crédit US CIBC
UniCredit
Bank
Mutuel
ANZ 28
45
34
49
43
33 Crédit US CIBC
Bank
UniCredit
Mutuel 29
36
23
38
30
42
ANZ 46 Crédit
Charles US Bank
UniCredit
Mutuel
Schwab
ANZ 4339
42
37
47
21
18 Crédit
Charles US Bank
UniCredit
Mutuel
Schwab 25
45
23
40
34
48
ANZ 29
Charles Schwab
CaixaBank
Westpac
Services
Citizens
Commerzbank
PNCDanske
KBC
Truist Bank
NAB
Bank
Group
Bank
Financial 33
49
35
42
44
37
30 Charles Schwab
Rabobank
Citizens
Commerzbank Bank
CaixaBank
Westpac
Services 10
41
48
44
37
39 Charles Schwab
Rabobank
Citizens Bank
CaixaBank
Westpac
Commerzbank
Services 45
47
50
24
39
48
NAB 27 Citizens Bank
Rabobank
CaixaBank
Westpac
Commerzbank
Services 44
6
36
45
40 Rabobank
Citizens Bank
CaixaBank
Westpac
Commerzbank
Services
NAB 3747
33
19
24
7
32
Groupe
State BPCE
Street
Raiffeisen
CIBC
Nordea
US Bank 46
39
32
41
34
48 PNCDanske
KBC
Groupe Bank
NAB
Group
BPCE
Financial
Truist
State Bank
Street
Nordea
CIBC 42
38
46
29
36
35
40 PNCDanske
KBC
Groupe
State Bank
Group
Financial
TruistBPCE
Bank
Street
CIBC
Nordea
Raiffeisen 44
33
35
41
29
49
31 Danske
PNCKBC
Groupe NAB 29
Bank
Group
BPCE
Financial
Truist
State Bank
Nordea
Street
CIBC 25
20
48
49
28
46 Danske
KBC
Groupe
PNC Truist
State Bank
Group
BPCE
Financial
Bank
Street
Nordea
CIBC
Raiffeisen 38
20
43
36
39
Crédit
Charles UniCredit
Mutuel
Rabobank
SchwabANZ 36
43
45
38
31
47
40 Raiffeisen
Crédit US Bank
UniCredit
Mutuel
ANZ 26
28
45
49
43
34 Crédit US Bank
UniCredit
Mutuel 36
23
30
38
42
ANZ 46 Raiffeisen
CréditUS Bank
UniCredit
Mutuel
ANZ 4335
39
42
21
18
37
47 CréditUS Bank
UniCredit
Mutuel 41
25
45
40
23
34
48
PNC CaixaBank
Danske
Citizens Financial KBC Westpac
Citizens
Commerzbank Bank
Services
NAB
Bank
Group
Financial 33
49
42
35
44
37 Charles Schwab
CaixaBank
Citizens Bank
Rabobank
Westpac
Commerzbank
Danske Bank 33
48
10
41
37
44
39 CharlesCaixaBank
Schwab
Rabobank
Citizens Bank
Westpac
Commerzbank 47
45
50
24
39 Charles Schwab
CaixaBank
Rabobank
Citizens
Danske Bank
Westpac
Commerzbank Bank 6
36
44
45
40 CharlesCaixaBank
Rabobank
Citizens ANZ 29
Schwab
Bank
Westpac
Commerzbank
Danske Bank 33
47
19
24
32
GroupeRaiffeisen
State BPCE
Street
Nordea
US CIBC
Bank 32
46
39
48
41
34 PNC KBC
Groupe Services
NAB
Group
Financial
State BPCE
Street 42
38
46
36 PNC KBC
Groupe
StateServices
Danske NAB
Bank
Group
Financial
BPCE
Street
Nordea 44
48
33
35
49
41
29 PNCKBC
Groupe Services
NAB
Group
Financial
State BPCE
Nordea
Street
Raiffeisen 25
20
49
48
28 PNCKBC
Groupe
StateServices
NAB
Group
Financial
BPCE
Nordea
Street
Raiffeisen 7
38
20
36
43
41
39
Crédit
Charles UniCredit
Mutuel
Rabobank
Schwab
CaixaBank ANZ 36
43
45
31
38
47
40
33 Commerzbank
Raiffeisen
Crédit US CIBC
Bank
UniCredit
Mutuel 44
26
40
28
45
49
34 Crédit CIBC
Raiffeisen
US Bank
UniCredit
Mutuel 31
36
23
38
30 Crédit
Charles US CIBC
Bank
UniCredit
Mutuel
Schwab 35
46
39
42
37
47
21 CréditUS CIBC
Bank
UniCredit
Mutuel 25
45
23
40
48
Westpac Charles SchwabANZ 43
33 Charles Schwab 45
42
ANZ 24 Charles Schwab 34
ANZ 29
PNCDanske
KBC
State
Groupe
Services
Citizens
Commerzbank Bank
NAB
Bank
Group
Financial
Street
Raiffeisen
BPCE
Nordea
US CIBC
Bank
49
35
42
44
37
39
32
46
48
41
34 PNC
Rabobank
CaixaBank
Citizens
Danske
KBC
Groupe
State
First
Bank
Westpac
Commerzbank
Services
Bank
NAB
Group
Financial
BPCE
Street
Nordea
Raiffeisen
Citizens
10
48
41
37
44
39
42
38
46
36
35
26 PNC KBC
Groupe
State NAB 46
Rabobank
CaixaBank
Citizens Bank
Westpac
Services
Commerzbank
Danske Bank
Group
Financial
BPCE
Street
Nordea
Raiffeisen
47
50
39
44
48
33
35
41
49
31 PNC
Rabobank
CaixaBank
Citizens
KBC
Groupe
State
First
ANZ 43
Bank
Westpac
Commerzbank
Services
Danske NAB
Bank
Group
Financial
BPCE
Nordea
Street
Citizens
Raiffeisen
18
6
44
36
45
40
25
20
49
48
28
50
35 PNC
Rabobank
CaixaBank
Citizens
Commerzbank
KBC
Groupe
State
Bank
Westpac
Services
Danske NAB
Bank
Group
Financial
BPCE
Street
Nordea
Raiffeisen
First Citizens
33
47
19
24
7
32
38
20
43
36
41
First Citizens First
Crédit
Charles Citizens
UniCredit
Mutuel
Rabobank
Schwab
CaixaBank ANZ 50
36
43
45
38
31
47
40
33 Crédit CIBC
UniCredit
US Bank
Mutuel
ANZ 50
40
45
28
49
34
43 First
Crédit Citizens
US CIBC
Bank
UniCredit
Mutuel 29
37
36
23
38
30
42
ANZ 24 CréditUS CIBC
Bank
UniCredit
Mutuel
ANZ 3646
39
42
21
37
18 Crédit
Charles US CIBC
Bank
UniCredit
Mutuel
Schwab 50
39
25
45
23
40
34
48
ANZ 19
Westpac Charles Schwab 33 Charles Schwab 45
NAB 46
Rabobank 47 Charles Schwab 47 NAB 29
Rabobank
Commerzbank
PNC KBC
Danske
Groupe
State Services
Citizens Bank
NAB
Group
Bank
Financial
BPCE
Street
Raiffeisen
Nordea
US CIBC
Bank
42
35
49
37
44
46
39
32
48
41
34
Rabobank
CaixaBank
Citizens
Commerzbank
Danske
Groupe
PNC KBC
Bank
Westpac
Services
NAB
Bank
BPCE
Group
Financial
State Street
Nordea
10
48
41
44
37
39
42
46
38
36
35
40 PNC
CaixaBank
Commerzbank
Citizens
KBC
Groupe
State
Bank
Westpac
Services
Danske Bank
Group
Financial
BPCE
Street
CIBC
Nordea
Raiffeisen
39
50
48
44
33
35
41
29
49
Citizens
Commerzbank
Groupe
PNCKBC NAB 43
Rabobank
Bank
CaixaBank
Westpac
Services
Danske Bank
BPCE
Group
Financial
State Street
Nordea
6
44
45
40
25
48
20
28
49
46
CaixaBank
Citizens
Commerzbank
Groupe
PNCKBC
State
Bank
Westpac
Services
Danske Bank
BPCE
Group
Financial
Street
Nordea
CIBC
33
47
24
7
32
20
38
43
36
39
First
Crédit Citizens
UniCredit
Mutuel
ANZ
Westpac 50
43
36
45
38
33
47
40 First
Crédit CIBC
Citizens
Raiffeisen
US Bank
UniCredit
Mutuel 26
50
28
45
49
34 First
Crédit Citizens
US Bank
UniCredit
Mutuel 31
37
36
23
30
38
42 First CIBC
Raiffeisen
Citizens
US Bank
UniCredit
Crédit Mutuel 35
39
50
42
21
37 Raiffeisen
First
Crédit Citizens
US Bank
UniCredit
Mutuel 41
50
25
45
40
23
Charles Schwab
CaixaBank
Citizens
Commerzbank
PNC KBC Bank
Services
NAB
Group
Financial 49
42
35
37
44 Charles Schwab
CaixaBank ANZ
UniCredit
Westpac
Commerzbank 43
33
48
37
45
44 CharlesCaixaBank
Citizens
Commerzbank ANZ
Schwab
Bank
Westpac 45
47
50
24
39 CharlesCaixaBankANZ
Schwab
Citizens Bank
Westpac
Commerzbank 18
47
44
6
36
45 Charles
Citizens
CaixaBankANZ
Schwab
Bank
Westpac
Commerzbank 34
48
33
47
19
24
Danske
Groupe
State US Bank
BPCE
Raiffeisen
Street
Nordea
CIBC
Bank 46
32
39
48
41
34 PNCDanske
Groupe
KBC
State Services
NAB
Bank
BPCE
Group
Financial
Street
Nordea 39
42
38
46
36
35 PNC
Groupe Services
Danske
KBC Bank
Group
Financial
State BPCE
Street
Nordea
Raiffeisen 48
NAB 31
44
33
35
49
41
29 PNCKBC
Groupe Services
Danske NAB 35
Bank
Group
Financial
State BPCE
Nordea
Street
Raiffeisen 40
25
20
49
48
28 PNCKBC
Groupe
StateServices
Danske NAB 41
Bank
Group
Financial
BPCE
Nordea
Street
Raiffeisen 7
32
38
20
36
43
First
Crédit Citizens
UniCredit
Mutuel
CaixaBank ANZ 50
36
43
45
38
40
33 Raiffeisen
Crédit US CIBC
FirstUniCredit
Citizens
Bank
Mutuel 26
40
50
28
45
49
34 First
Crédit US CIBC
Citizens
Bank
UniCredit
Mutuel 37
36
23
30
38 First
CréditUS CIBC
Citizens
Bank
UniCredit
Mutuel 46
50
39
42
21
37 First CIBC
Citizens
US Bank
UniCredit
Crédit Mutuel 39
50
25
45
23
40
Charles Westpac
Schwab
Services
Citizens
Commerzbank
PNC KBC
Danske Bank
NAB
Group
Bank
Financial 47
49
42
35
37
44 Charles Schwab
CaixaBank
Citizens
Commerzbank ANZ
Bank
Westpac 43
33
48
37
41
44 Charles Schwab
CaixaBank
Citizens
CommerzbankBank
Westpac 42
ANZ 24
45
47
50
39 Charles ANZ 36
Schwab
Citizens Bank
CaixaBank
Westpac
Commerzbank
Services 18
47
6
44
45 Charles Schwab
CaixaBank
Citizens Bank
Westpac
Services 34
48
ANZ 19
33
47
Groupe
State BPCE
Street
Raiffeisen
Nordea
US CIBC
Bank 46
39
32
48
41
34 Danske
Groupe
PNC KBC
State Services
Bank
NAB
BPCE
Group
Financial
Street 39
42
38
46
36
35 PNC KBC
Groupe
StateServices
Danske Bank
Group
Financial
BPCE
Street 44
48
NAB 31
33
35
41
49 Danske
PNCKBC
Groupe
State NAB 35
Bank
Group
Financial
BPCE
Street 40
25
20
48
28 Commerzbank
Danske
PNCKBC
Groupe NAB 41
Bank
Group
Financial
State BPCE
Street
Nordea 24
7
32
38
20
43
36
0% 0% 0% 0%

Nordea Nordea 49
0% 0% 0% 0%

Nordea
% % % %

% % % %

% % % %
0% 0% 0% 0%

Raiffeisen
% % % %

% % % %

% % % %

Raiffeisen
% % % %
% % % %

% % % %

% % % %
0% 0% 0% 0%

Raiffeisen
% % % %

29
0% 0% 0% 0%
% % % %

UniCredit
% % % %

% % % %

% % % %

Raiffeisen 26 CIBC 39
% % % %

% % % %

% % % %

43
% % % %

40 46 CIBC
% % % %

First
Crédit
Charles Citizens
Schwab
CaixaBank ANZ
Mutuel
Westpac 36
50
38
45
47
40
33 First
Crédit
Charles CIBC
Citizens
UniCredit
US Bank
Mutuel
Schwab 50
45
28
49
34
33 CréditUniCredit
First Citizens
US Bank
Mutuel 36
23
37
38
30
45
42 First
Crédit
Charles Citizens
CIBC
UniCredit
US Bank
Mutuel
Schwab 50
39
42
21
37
47 First
Crédit
Charles Citizens
UniCredit
US Bank
Mutuel
Schwab 50
25
45
23
40
48
25 25 25 25

50 50 50 50

75 75 75 75

Charles ANZ
Schwab 6 ANZ 34
25 25 25 25

50 50 50 50

75 75 75 75
00 100 100 100
25 25 25 25

50 50 50 50

75 75 75 75

48
43 ANZ 18
00 100 100 100
00 100 100 100
25 25 25 25

50 50 50 50

75 75 75 75

ANZ 47 CaixaBank
25 25 25 25

50 50 50 50

75 75 75 75

CaixaBank
00 100 100 100

Citizens Bank 49 33
00 100 100 100

Commerzbank
PNCDanske
KBC
Groupe
State Services
NAB
Bank
Group
Financial
BPCE
Street 42
35
44
37
46
39 Citizens
Commerzbank
Danske
Groupe Bank
Westpac
Services
NAB
Bank
BPCE 41
37
44
39
42 CaixaBank
Commerzbank
Citizens Bank
Westpac
Services
Danske NAB
Bank 24
39
50
44
48
33 Citizens
Commerzbank
Groupe Bank
Westpac
Services
Danske NAB
Bank
BPCE 44
36
45
40
25 CaixaBank
Citizens
Commerzbank
Groupe Bank
Westpac
Services
Danske NAB
Bank
BPCE 47
19
24
7
32
US Bank
Nordea
CIBC
FirstUniCredit
Citizens 34
48
41
50
43
36 PNC KBC
State Group
Financial
Street
Nordea
CIBC 46
38
36
35
40
39
28 PNC KBC
Groupe
State
First Group
Financial
BPCE
Street
Nordea
CIBC
Citizens 35
41
49
29
37 PNCKBC
FirstUS Group
Financial
State Street
Nordea
Citizens
CIBC
Bank 48
20
28
49
50
46
39 PNCKBC
State
FirstUS Group
Financial
Street
Nordea
Citizens
CIBC
Bank 20
38
43
36
39
50
25
Crédit
Charles ANZ
Mutuel
Schwab
Westpac
CaixaBank
Citizens
Commerzbank Bank 38
45
47
33
40
49
42 Danske
Crédit
Charles US Bank
Bank
UniCredit
Mutuel
SchwabANZ 45
49
34
33
43
48 Crédit
Charles UniCredit
US Bank
Mutuel
Schwab 36
23
38
30
42
ANZ 24
45 Charles UniCredit
Crédit Mutuel
ANZ 36
Schwab
Citizens Bank 42
21
37
18
47 Charles UniCredit
Crédit Mutuel
Schwab 45
23
40
34
48
ANZ 19
PNC KBC
Danske
Groupe
State NAB
Services
Group
Bank
Financial
BPCE
Street 35
37
44
46
39 CaixaBank
Citizens
Commerzbank
Danske Bank
Westpac
Services
NAB
Bank 41
37
44
39
42 CaixaBank
Citizens Bank
Westpac
Commerzbank
Services
Danske NAB
Bank 47
50
39
48
44 CaixaBank
Westpac
Commerzbank
Services
Danske NAB
Bank 44
6
45
25
40
20 Citizens Bank
CaixaBank
Westpac
Commerzbank
Services
Danske NAB
Bank 47
33
24
7
32
38
First US CIBC
Bank
Nordea
Citizens
UniCredit 41
34
48
50
43 Groupe
PNC KBC
State
First BPCE
Group
Financial
Street
Nordea
CIBC
Citizens
US Bank 38
46
36
35
40
28 PNC KBC
Groupe Group
Financial
State BPCE
Street
Nordea
CIBC 33
35
41
49
29 PNCKBC
Groupe
State
First Group
BPCE
Financial
Street
Nordea
Citizens
CIBC 48
28
49
46
50 PNCKBC
Groupe
State
First Group
BPCE
Financial
Street
Nordea
CIBC
Citizens 20
43
36
39
50
Crédit
Charles Schwab
CaixaBank ANZ
Mutuel
Westpac
Citizens
Commerzbank Bank
NAB
36
38
45
47
40
33
49
42
35 Crédit
Charles UniCredit
Mutuel
Schwab
CaixaBank ANZ 50
45
49
34
33
43
48
First
Crédit
Charles
US ANZ 36
Citizens
Bank
UniCredit
Mutuel
Schwab
CaixaBank
37
23
30
38
42
45
47 Crédit
Charles US ANZ 39
Bank
UniCredit
Mutuel
Schwab
CaixaBank 42
21
37
47
18
6 Charles US ANZ 25
Bank
UniCredit
Crédit Mutuel
Schwab
CaixaBank
Citizens Bank 45
23
40
34
48
33
47
PNCDanske
KBC
First
Services
Bank
Group
Financial
State
Groupe Street
BPCE
Nordea
US CIBC
Bank
Citizens
44
37
39
46
48
41
34
Citizens
Commerzbank
Danske
KBC
Groupe
PNCState
Bank
Westpac
Bank
Services
NAB
Group
BPCE
Financial
Nordea
Street
CIBC
41
37
44
39
42
38
46
35
40
36
Citizens
Commerzbank
PNCDanske
KBC
Groupe
State NAB 24
Bank
Westpac
Bank
Services
Group
Financial
BPCE
Street
Nordea
50
39
44
48
33
35
49
41
29
Citizens
Danske
PNCKBC
Groupe
State NAB 36
Bank
Westpac
Commerzbank Bank
Services
Group
Financial
BPCE
Nordea
Street
CIBC
44
45
40
25
20
48
49
46
28 Danske
PNCKBC
Groupe
State NAB 19
Westpac
Commerzbank Bank
Services
Group
Financial
BPCE
Nordea
Street
24
32
7
38
20
36
43
UniCredit 50
43
36 First Citizens CIBC
UniCredit First Citizens 50 First CIBC
Citizens 39
50
Crédit
Charles Mutuel
Schwab
CaixaBank ANZ
NAB 45
38
47
40
35 Crédit
Charles UniCredit
US Bank
Mutuel
SchwabANZ 50
28
45
49
34
33
43 First
Crédit
Charles US ANZ 36
Citizens
Bank
Mutuel
Schwab 23
37
30
38
45
42
47 UniCredit
Crédit
Charles US ANZ 39
Bank
Mutuel
Schwab 42
21
37
47
18 Charles UniCredit
CréditUS ANZ 25
Bank
Mutuel
Schwab 45
23
40
48
34
33
 Evident AI Methodology
The global standard benchmark of AI maturity for banks
The Evident AI Index ranks the AI maturity of 50 of the world’s largest banks.
It is an independent, “outside-in” assessment based exclusively on publicly
available information.

Χ The January 2023 Edition of the Evident AI Index assessed the AI maturity
of 23 of the largest banks in North America and Europe, based on a minimum
eligibility criterion of $1 trillion in total assets on the balance sheet.

Χ The November 2023 Edition of the Evident AI Index assesses the AI

maturity of 50 of the world’s largest banks, dropping minimum eligibility
criterion to $200 billion in total assets. The ranking continues to focus on North
American (20) and European (25) banks, but now features the first banks from
Asia-Pacific (5)—excluding China, India, and Japan.

The Index will continue to be updated on an annual basis, enabling banks (as
well as their investors and advisors) to assess and track the progress of their AI
transformation over time. While the exact list of banks might change year on
year due to mergers and acquisitions, we intend to maintain a core focus on the
50 banks listed below (see FIG 1). This will ensure longitudinal tracking of
scores remains as precise and consistent as possible.

FIG 1: NEW ADDITIONS TO THE EVIDENT AI INDEX, BY REGION

JANUARY 2023 VS. NOVEMBER 2023

NORTH AMERICA EUROPE ASIA-PACIFIC

USA Bank of America UK Barclays AUSTRALIA ANZ

Citigroup HSBC CommBank

Goldman Sachs Lloyds Banking Group NAB

JPMorgan Chase NatWest Westpac

Morgan Stanley Standard Chartered SINGAPORE DBS

Wells Fargo FRANCE BNP Paribas

BNY Mellon Crédit Agricole

Capital One Crédit Mutuel

Charles Schwab Groupe BPCE

Citizens Financial Société Générale

First Citizens SPAIN Banco Santander

PNC Financial BBVA

State Street CaixaBank

Truist Bank ITALY Intesa Sanpaolo

US Bank UniCredit

CANADA Royal Bank of Canada NETHERLANDS ING

TD Bank ABN AMRO

Bank of Montreal Rabobank

CIBC GERMANY Deutsche Bank

Scotiabank Commerzbank

AUSTRIA Raiffeisen Bank Intl

BELGIUM KBC

DENMARK Danske Bank

FINLAND Nordea Bank

SWITZERLAND UBS

Original January coverage

Expanded November coverage

4
 Evident AI Methodology
The global standard benchmark of AI maturity for banks
WHAT DOES THE EVIDENT AI INDEX MEASURE AND WHY?
We define AI as it relates to the adoption and deployment of disruptive
technology within a business setting. For our immediate purpose, AI is any
process that computationally processes large amounts of data in order to
provide human-level decision-making, recommendations, or predictions that
can automate and scale a specific use case within the bank.

AI is indisputably one of the most disruptive forces shaping business, but

harnessing its potential is a challenge, as it is dependent on widespread
organisational change efforts—built on years of investment into digital
transformation and data infrastructure.

Much of industry dialogue surrounding AI this past year has focused on

Generative AI. Specifically, weighing the immediate areas of benefit (enhanced
fraud detection, customer service, and risk assessment) against unknown risk
factors (bias, data security, fraud, and regulation).

While the jump from Traditional AI (pattern recognition) to Generative AI

(pattern creation) is frequently profiled as a seismic paradigm shift, we
continue to believe the two poles of AI exist along the same spectrum—and as
such, both require long-term investment in the same foundational elements
that define our standing methodology.

We believe adopting AI at scale requires continuing assessment of four distinct,

but complementary areas of investment. Specifically, long-term investment in
talent; innovation capability; top-down leadership; and increasingly, a rigorous
focus on responsible and ethical AI.

WHERE DOES EVIDENT GET THIS DATA?

Each bank in our sample set is assessed against over 100 individual indicators,
organised into four “pillars” described in the summary table (see FIG 2). The
Index was built through a combination of extensive manual research,
programmatic data gathering, and consultation with leading subject matter
experts. Paramount to our inquiry is that included metrics be transparent,
tangible, well-defined, quantitatively precise, and responsive to direct action or
investment. In other words, we believe these metrics matter—now and into the
foreseeable future.

To capture direct evidence of (or suitable proxies for) AI transformation efforts,

we deploy proprietary machine learning tools to extract millions of data points
across two primary data inputs:

Χ First-party company reporting and public disclosures, including: press

releases, investor relations materials, group-level website pages, group-level
social media accounts, and media interviews with senior leadership

Χ Third-party platforms housing bank data, including: LinkedIn profiles,

career sites, Google Patent, Google Scholar, academic AI conference sites,
Crunchbase, Glassdoor reviews, GitHub, and Muck Rack

5
 Evident AI Methodology
The global standard benchmark of AI maturity for banks
FIG 2: INDEX STRUCTURE & WEIGHTING SCHEME
NOV 2023

Talent | Measures the number, density, and academic background of

45
% OF INDEX
AI & Data employees working at each bank; as well as the visible
initiatives underway to hire, retain, and develop leading AI talent.
WEIGHT Χ Talent Capability: The volume, density, and academic background of
employees working across the AI and data lifecycle. This includes analysis of all
employees working across 240+ job titles aligned to three foundational
capability areas: AI Development, Model Risk, and Implementation (spanning
Data Engineering, Software Development & Product Management).
Χ Talent Development: The breadth of initiatives banks are deploying to
attract, retain, and develop leading AI talent, as well as upskill the rest of the
organisation.

Innovation | Measures a bank’s long-term investment in AI

30
% OF INDEX
innovation, extending to AI-specific research and patents; AI-
focused investments, acquisitions, and partnerships; as well as
engagement with the open source ecosystem.
WEIGHT
Χ Research & Patents: The volume and calibre of the bank’s AI research
output and talent; participation at leading academic conferences; and
investment in AI-related patents.
Χ Ventures & Partnerships: The number of investments and acquisitions of
AI and tech-focused companies; as well as the range of academic and vendor
partnerships the bank employs to accelerate its AI and digital transformation
initiatives.
Χ Open Source: The bank’s overall engagement with the open source
development ecosystem, including direct contributions to leading code
repositories and participation in open source projects and workings.

Leadership | Measures the AI focus of the bank’s leadership,

15
% OF INDEX
expressed through the company’s overarching AI narrative,
composition of the Executive Leadership team, and external
communications from select C-Level Executives.
WEIGHT
Χ AI Narrative: The bank’s group-level AI narrative across owned media
channels (press releases, blogs, investor relations materials). Includes an
assessment of “volume” (how loudly the bank talks about AI) versus the
“substance” (what is actually being said).
Χ Executive Positioning: The composition of the bank’s Executive
Leadership team, and focus of AI found in external communications.

Transparency | Measures the extent to which banks are focusing

10
% OF INDEX
on Responsible AI (RAI), as evidenced by the publication of
thought leadership, establishment of key partnerships, hiring of
dedicated RAI talent, and promotion of RAI principles.
WEIGHT
Χ RAI Talent: The presence and scale of internal RAI talent, as well as AI
specialists posted across the front lines of defence (including Audit, Legal, and
Compliance).
Χ RAI Innovation: Evidence and assessment of established RAI partnerships,
engagement with policy makers, executive training, and/or adaptation of risk
management frameworks; tangible outputs in the form of patents, investments,
and research output.
Χ RAI Leadership: The extent to which banks are publicly communicating a
wide range of RAI activities, such as through the publication and promotion of a
consistent set of guiding ethical principles.

6
 Evident AI Index Bank Profiles

BANK REGION COUNTRY RANK HEADLINE NEWS

JPMorgan Chase North America USA 1 The inaugural Index leader defends its #1 title by a healthy margin, establishing the top score across both
Innovation and Transparency pillars.

Capital One North America USA 2 Capital One is the outright leader in the Talent pillar, featuring the highest density of both AI Development
and Data Engineering roles as a percentage of the bank’s total headcount.

Royal Bank of North America Canada 3 RBC’s research arm (Borealis AI) provides a unique asset that cements the organisation’s positioning and
Canada thought leadership on Responsible AI. Highest forward-to-backward citation rate of AI patents in the Index,
indicating wider applications throughout industry.

Wells Fargo North America USA 4 Wells Fargo is one of only two banks to increase their rank since January, demonstrating the highest volume
and highest growth of Data Engineering Implementations talent in the Index. Beyond the Talent pillar (ranked
#4), Wells Fargo ranks among the top 10 banks for both Innovation (#5) and Transparency (#10).

UBS Europe Switzerland 5 UBS maintains its position as the leading European bank in the Index. As the dust settles on the Credit Suisse
acquisition, initial data suggests consolidation of AI teams has resulted in UBS joining the top 5 banks in
overall AI talent volume (and the top 3 banks in AI talent density, relative to overall headcount).

CommBank Asia-Pacific Australia 6 Debuting as the highest performing Asia-Pacific bank, CommBank’s strength lies in the Leadership pillar,
with CEO Matt Comyn consistently reinforcing the bank’s long-term focus on AI as a strategy priority, as well
as AI ethics as a social imperative.

Goldman Sachs North America USA 7 Goldman Sachs’ primary strengths span the Innovation and Leadership pillars. Thanks to the GS Accelerate
incubator, the bank leads in venture activity focused on tech- or data-centric companies. Goldman Sachs is
also the most referenced bank in AI-driven media mentions from leading news outlets focused on business
and tech.

ING Europe Netherlands 8 Consistently ranked #2 among European banks, ING performs particularly well across Talent and Innovation.
Strength in both Partnerships and Ecosystems reflects this, collaborating with leading Dutch universities and
sponsoring the Kickstart AI project to improve AI education and adoption in the Netherlands.

Citigroup North America USA 9 Citigroup is the leading bank for direct investments in AI-focused companies, with the Citi Ventures team
focusing specifically on Data Analytics and Machine Learning opportunities. Since Q1 2003, Citigroup also
exhibits the fastest growth in active job listing specific to Generative AI.

DBS Asia-Pacific Singapore 10 Debuting at #1 in Leadership, DBS’s AI narrative content and engagement by senior leadership provides
a master class for banks struggling in this area. At its 2023 Investor Day, CAO Sameer Gupta shared a
comprehensive view of how DBS is enabling AI capabilities with its data platform Ada, and AI protocol
platform Alan.

TD Bank North America Canada 11 TD Bank improved its ranking in Innovation, participating in the wider ecosystem via its partnership with the Vector
Institute for Artificial Intelligence. The bank currently engages on three core workstreams focused on: talent
support, industry AI training programs, and applied AI projects (some inherited from its 2018 acquisition of Layer
6).

BNP Paribas Europe France 12 BNP ranks #2 on AI Narrative. It is one of the few banks to publicly disclose the overall number of AI use
cases at the bank over time (350 identified in 2019, more than 500 deployed by 2022, over 700 in 2023
reporting).

HSBC Europe UK 13 One of the most improved banks since January 2023, HSBC is among the top 10 banks actively recruiting
for AI talent at scale. One of only six banks with an explicit set of RAI principles; wider contributions to AI
innovation buoyed by long-standing partnership with Alan Turing Institute.

BNY Mellon North America USA 14 BNY Mellon debuted in the Index with a strong performance in the Transparency pillar, working openly with
the Monetary Authority of Singapore to co-create the Veritas RAI toolkit.

Bank of America North America USA 15 Bank of America pipped to the post on AI patent ownership by newcomer Capital One; however it continues
to see success in its flagship chatbot Erica, which has logged 1.5B customer interactions since 2018.

Bank of Montreal North America Canada 16 Bank of Montreal debuts at #9 in the Innovation pillar, partially driven by high citation rates of AI patents—
the most heavily cited patents pertain to: Systems and methods for data storage and processing.

Morgan Stanley North America USA 17 Morgan Stanley’s performance in the Innovation pillar (#3) is powered by its ventures strategy. The bank
drives the fourth highest number of unique investments in the Index, and is lead investor across 70 percent
of its current AI portfolio. The bank’s “Ideas” research hub also drives the third most earned media mentions
among its peers.

Scotiabank North America Canada 18 Prime example of a best-in-class dedicated AI landing page that centralises AI-related news, articles,
partnerships, and hiring opportunities.

NatWest Europe UK 19 NatWest has improved its ranking in Transparency, publishing its “Info SAFE” fairness checklist for assessing
models, and is one of few banks to publish its definition for what a model is when discussing model risk.

Société Générale Europe France 20 Similar to its rival BNP Paribas, SocGen is a leader in publishing AI use cases and expected outcomes. The
bank currently deploys 170 AI-based use cases which aim to generate €500 million in value creation. Released
a 20-page profile of “Our Flagship Use Cases” in January.

Santander Europe Spain 21 Seeking to raise awareness of AI career opportunities at the bank among candidates with technical
backgrounds, Santander Partnered with Microsoft to sponsor the “Santander X Challenge”—bringing
together startups from 11 countries to solve societal challenges with AI.

Barclays Europe UK 22 Barclays held its position in Innovation, outperforming in Venture & Partnerships thanks to the pace of
AI investments from its in-house incubator (Barclays Rise). Barclays is also one of only seven banks that
provides AI training to its senior leadership.

Standard Europe UK 23 Debuting at #11 in Transparency, the bank’s in-house Framework Responsible for Intelligent Data and
Chartered Algorithm Yield (a.k.a. FRIDAY) represents a unique AI engine that focuses on meeting the RAI needs of the
organisation.

7
 Evident AI Index Bank Profiles

BANK REGION COUNTRY RANK HEADLINE NEWS

ABN AMRO Europe Netherlands 24 ABN AMRO’s high density of AI talent relative to overall headcount put it on the cusp of the top 10
leaderboard within the Talent pillar. The bank also runs external events in AI, such as the Data Science in
Finance conference held in April 2023.

Intesa Sanpaolo Europe Italy 25 Ranking #9 in the Leadership pillar, Intesa Sanpaolo’s Chief Data, AI, Tech & Innovation Officer, Massimo
Proverbio, is active across external media commenting on AI at the bank, and has spoken at the first
“Opening Future Day” conference.

BBVA Europe Spain 26 Launched a new career portal in June to support plans to hire 2,600 professionals from STEM fields by end of
year. Selected AWS “Bedrock" to gain accelerated access to GAI and LLM capabilities.

Crédit Agricole Europe France 27 Crédit Agricole excels in Talent Development initiatives, encouraging staff to proactively upskill by providing a
centralised “university” IFCAM, giving staff access to AI courses.

Lloyds Banking Europe UK 28 Lloyds’ senior leadership focus reflects a strategic prioritisation of data ethics within AI; CDAO Ranil Boteju
Group publicly discusses the ethical implications of AI and data, and Lloyds Group Head of Data and AI Ethics, Paul
Dongha, leads internal initiatives.

Deutsche Bank Europe Germany 29 Deutsche Bank’s ranks #10 in the Leadership pillar. CTO Bernd Leukert has appeared at NVIDIA conferences,
and is quoted in external media regarding the bank’s talent ambitions (+16k in tech and innovation staff) and
how Deutsche Bank is planning to leverage Google’s AI capabilities to detect rogue traders.

Truist Bank North America USA 30 With their recently launched Innovation & Technology Center and “Innovators in Residence” program, Truist
Bank highlights expanding tech partnerships with IBM, AWS, and Verizon.

Rabobank Europe Netherlands 31 Rabobank debuted in 10th place in Talent, supported by the size and density of its Model Risk teams. In
April, the bank announced a partnership with Genesys to migrate digital banking solutions from on-premise
solutions to the cloud.

Raiffeisen Bank Europe Austria 32 Raiffeisen’s training initiatives help foster a supportive culture for Talent Development (#22). The bank runs
Intl internal events—including one on Generative AI, which brought in external speakers to discuss risks and
opportunities.

Westpac Asia-Pacific Australia 33 A top half performer on Innovation, Westpac spearheaded the FinTech AI Innovation Consortium with six
industry and academic partners at the end of 2022. PhD sponsorship as part of this program reflects their
strength in the Talent Development sub-pillar

US Bank North America USA 34 Debuting at 34, US Bank’s strongest pillar is Transparency; its dedicated AI landing page spotlights the bank’s
focus on “ensuring model fairness and ethics, preventing bias, and promoting transparency.”

NAB Asia-Pacific Australia 35 Similar to other banks in the region, NAB’s strongest performance is in found in the Transparency pillar (#7).
Evidence of clear direction and urgency or RAI efforts from the Head of Data Ethics, Jade Haar, who publicly
discusses the bank’s approach to data ethics in external media.

PNC Financial North America USA 36 PNC demonstrates strength in the AI Narrative component of the Leadership pillar, reporting precise ROI
from AI investments delivered from “Intelligent Investment” team totalling $37M in savings in 2022.

KBC Europe Belgium 37 Debuting #20 in Leadership, KBC’s CEO, Johan Thijs, has publicly discussed the process of developing an AI
AML solution at the bank in great detail, commercialising the investments through patenting.

ANZ Asia-Pacific Australia 38 ANZ’s best performance is seen in Leadership; the bank regularly publishes thought pieces or blogs from
senior leaders—including CTO Tim Hogarth—on AI initiatives at the bank.

State Street North America USA 39 State Street debuts at #28 in Leadership. While only a small fraction of State Street’s LinkedIn activity
mentions AI, these posts highlight specific AI initiatives at the bank, including how the bank is using GenAI to
create insights for investment professionals.

CaixaBank Europe Spain 40 CaixaBank outperforms on the Leadership pillar (#6). Its strengths lie in the frequency and focus on AI across
its press releases and LinkedIn posts, alongside articles found on the “CaixaBank Tech” blog.

CIBC North America Canada 41 CIBC’s strength is in the Ventures & Partnerships sub-pillar; of the Canadian banks, the bank invests in the
most AI-focused companies. Among early mover deploying AI-based virtual assistants, powered by IBM Watson.

Commerzbank Europe Germany 42 A risk-first focus on AI, Commerzbank published a whitepaper titled “A Risk-Based Approach to Artificial
Intelligence,” and its data unit falls under the direct purview of the Chief Risk Officer.

UniCredit Europe Italy 43 UniCredit ranks within the top 10 banks for its AI research output; ranking #8 for number of AI papers published.

Danske Bank Europe Denmark 44 Transparency is the best performing pillar for Danske Bank, publishing its “Group Data Ethics Principles” in
2022, including the bank’s definitions of Data Usage and Data Ethics.

Crédit Mutuel Europe France 45 Crédit Mutuel’s AI communications are a strength for the bank; within its 2022 Annual Report, the bank
outlined how 35,0000 employees have used AI to analyse emails for advisors to better serve customers.

Groupe BPCE Europe France 46 Ranking 20th within Transparency, Groupe BPCE’s DATA/AI LCLF Monitoring Committee oversees AI
development in regards to fraud and internal governance.

Charles Schwab North America USA 47 Charles Schwab’s biggest area of strength is its AI Implementation talent, specifically high density observed
across Software Development and Product Management functions.

Nordea Europe Finland 48 Nordea is one of only 15 banks to show evidence of having a senior RAI leader at the bank; Jesper Nordström
leads the development of Nordea’s AI Framework, aimed at accelerating Responsible AI at Nordea.

Citizens North America USA 49 Citizens Financial’s senior leadership team are actively engaging on the topic of AI with external media. CIO
Financial Michael Ruttledge was interviewed in MIT Tech Review, highlighting how he believes real-time analytics
empowered by AI will be a “game-changer” in the credit and risk decisioning space.

First Citizens North America USA 50 First Citizens announced several tech partnerships this year, including with Finastra (cloud) and Pega
(process and workflow automation)—suggesting that low-code AI implementation is ramping up at the bank.

8
 Chapter 1
The Results

The Top 3 | JPMorgan Chase, Capital One and Royal Bank of

Canada lead the Evident AI Index—and are breaking away from
the rest of the pack
Repeating its performance in our inaugural ranking, JPMorgan Chase again
ranks 1st in the latest Evident AI Index, a reflection of the bank’s long-term AI
focus (from the CEO down) and investment into AI innovation, talent, and
transparency. In June, JPMorgan Chase appointed Teresa Heitsenrether as
Chief Data & Analytics Officer (CDAO), one of the first banks to elevate the
new role to the level of Operating Committee member.

“The Evident AI Index shines a light on the growing impact

artificial intelligence is having on the financial services industry.
We are proud that our AI talent, insights and solutions were once
again recognized as best-in-class and we are committed to
continuing to invest in these capabilities to help us serve our
clients and communities better.”
Teresa Heitsenrether, Chief Data & Analytics Officer, JPMorgan Chase.

FIG 4: DISTRIBUTION OF EVIDENT AI INDEX,

BY OVERALL SCORE [0-100]

Royal Bank of Canada JPMorgan Chase

Capital One

20 30 40 50 60 70

Index Score
Nov 2023
n=50 banks North America Europe Asia-Pacific

Χ While previously, JPMorgan Chase was the only bank to earn over 50
points in the January 2023 Evident AI Index, competition at the top of the
ranking has begun to tighten—with Capital One and Royal Bank of Canada
both earning that distinction in the latest results.

Χ Capital One, a new entrant into the Evident AI Index, ranks 2nd and is
the only bank that comes close to challenging JPMorgan Chase’s dominance in
the ranking. Specifically, Capital One has usurped the top rank in the Talent
Pillar, due to its exceptionally high density of AI Development, Data
Engineering, and Implementation talent relative to the bank’s total headcount.

“At Capital One, our founding as a company was based on using

data and technology to help improve the lives of millions of
customers by expanding access to financial resources. Today, AI
and machine learning are core to how we continue to deliver
value for our customers and to how we run our business.

We’re glad to be recognized in the Evident AI Index as among the

leading global banks in AI, including as the top bank for AI
talent. As technology and customer needs evolve, independent
analyses like the Evident AI Index can be incredibly valuable to
help the industry continue to leverage the next frontier of AI to
drive innovation with impact at scale.”
Prem Natarajan, Chief Scientist and Head of Enterprise AI, Capital One

9
 Chapter 1
The Results
Χ Royal Bank of Canada ranks 3rd in the Evident AI Index, maintaining its
strong performance in the rankings. RBC leads the pack of Canadian banks—the
best performing cohort by region. Like many of its local peers, RBC boasts the
highest performance across the Innovation and Transparency pillars—with
particular strength in Research & Patents.

“Our focus for the last nine years has been to transform this
company into a technology company.”
Martin Wildberger, Executive Vice President, Innovation, Royal Bank of Canada

While the exact profiles of the three leading banks vary (see FIG 5 below), these
three institutions are the only players that consistently rank among the top 10
banks across all four pillars of the Index.

The top 3 leaders are characterised by:

1. Long-term focus and investment into AI driven by the CEO and Executive
team

2. High volume and density of AI-related talent (spanning AI Development,

Model Risk and Implementation / Data Engineering capabilities) relative to
total headcount

3. Significant investment into all aspects of their innovation ecosystem,

including AI Research, Patents, Ventures, Partnerships and Open Source
engagement

4. Strong top-down focus on Responsible AI, including the establishment of

designated RAI teams and dedicated research in a growing space of thought
leadership

FIG 5: PERFORMANCE PROFILES OF TOP 3 TRANSPARENCY TALENT

BANKS, BY SUB-PILLAR

RAI TALENT
LEADERSHIP CAPABILITY

RAI
INNOVATION TALENT
DEVELOPMENT

RAI
TALENT
Note: The performance VENTURES &
profiles to the right PARTNERSHIPS

illustrate how well

each bank performed
(relative to each other).
The outer ring EXECUTIVE
represents the leading POSITIONING
RESEARCH &
bank (#1) in each PATENTS
sub-pillar. The centre of
the bullseye represents
the lowest ranked bank
AI NARRATIVE OPEN SOURCE
(#50) in each sub-pillar,
typically representing
limited or absent
investment in LEADERSHIP INNOVATION
associated metrics.
JPMorgan Chase Capital One Royal Bank of Canada

10
 Chapter 1
The Results

The Top 10 | North American banks dominate, occupying 6 out of

the top 10 ranks

THREE MORE NORTH AMERICAN PEERS FEATURE IN THE TOP 10 RANKING,

CROWDING OUT EUROPEAN CONTENDERS.

Wells Fargo (ranked 4th) and Goldman Sachs (ranked 7th) have both increased
their position in the ranking since January 2023, despite the introduction of 27
new banks. Citigroup has fallen from 3rd position to 9th position. TD Bank (the
2nd highest scoring Canadian bank) continues to perform strongly in 11th
position—but has fallen just outside of the top 10 list due to highly competitive
banks from Asia-Pacific.

TWO OF THE FIVE NEW ASIA-PACIFIC PLAYERS INCLUDED IN THE INDEX

DEBUT IN THE TOP 10.

CommBank and DBS both perform strongly within the Leadership pillar of the
methodology, with DBS outperforming the previous leader (JPMorgan Chase) on
associated metrics.

CommBank (ranked 6th) punches above its “weight class” across both the
Leadership and Transparency pillars. CEO Matt Comyn talks about the
importance of AI at the bank, with his Reimagining Banking announcements in
May 2023 highlighting the critical role AI plays in their strategy to provide
personalised customer offerings. This reflects a consistent narrative Comyn has
established about AI across both external media and industry conferences,
extending to the bank’s position on Responsible AI, Generative AI and expanding
calls for industry regulation.

DBS (ranked 10th) is among only six banks that have explicitly established AI as a
strategic priority in investor materials, while also communicating the bank’s
specific AI use cases in production and the expected outcomes from these
deployment. At the most recent Investor Day event held in May, Chief Analytics
Officer (CAO) Sameer Gupta has been front-and-centre in communicating the
bank’s AI strategy and demonstrating new capabilities.

FIG 6: PERFORMANCE PROFILES OF TOP 4-10 TRANSPARENCY TALENT

BANKS, BY SUB-PILLAR

RAI TALENT
LEADERSHIP CAPABILITY

RAI
INNOVATION TALENT
DEVELOPMENT

RAI
TALENT

VENTURES &
PARTNERSHIPS

EXECUTIVE
POSITIONING
RESEARCH &
PATENTS

AI NARRATIVE OPEN SOURCE

LEADERSHIP INNOVATION
Average

11
 Chapter 1
The Results
UBS, ING, AND BNP PARIBAS CONTINUE TO LEAD THE EUROPEAN BANKS
UBS (ranked 5th) and ING (ranked 8th) maintain competitive positions among
the top 10 banks—while BNP Paribas slips to the 12th position overall. UBS
assumes the #3 position in the talent pillar, resulting from its acquisition of
additional AI talent from Credit Suisse (see Chapter 2), whereas ING’s focused
investments in AI-centric companies and BNP’s strong AI narrative keep all
three banks in contention with their North American counterparts.

Whereas the top 3 leaders were characterised by an unwaveringly consistent

performance across all four pillars, the performance profiles of the rest of the
top 10 banks demonstrate more variety—with distinct areas of strength and
weakness across the pillars. Most notably, we see deficits in Research &
Patents, Executive Positioning, and both RAI Talent & Leadership.

It’s important to remember that every bank has a unique profile, representative
of their unique resource and capabilities, as well as the strategic choices that
they have made. For instance, take CommBank (ranked 6th) versus Goldman
Sachs (ranked 7th). These two banks each secure a similar overall score in the
ranking, but could not be more different once you begin to peel back the onion.

As you can see from the performance profiles below (see FIG 7), Goldman
Sachs outshines on Talent Capability (specifically AI Development), as well as
major elements of Innovation (especially those activities specific to Ventures,
Partnerships, and Open Source Ecosystems). In contrast, CommBank excels at
Talent Development (specifically Hiring Initiatives and Training & Career
Development), as well as every element of Leadership—extending to the
Executive Positioning of their CEO (highlighted above).

FIG 7: HEAD-TO-HEAD COMPARISON OF BANK TRANSPARENCY TALENT

PERFORMANCE PROFILES, BY SUB-PILLAR

RAI TALENT
LEADERSHIP CAPABILITY

RAI
INNOVATION TALENT
DEVELOPMENT

RAI
TALENT

VENTURES &
PARTNERSHIPS

EXECUTIVE
POSITIONING
RESEARCH &
PATENTS

AI NARRATIVE OPEN SOURCE

LEADERSHIP INNOVATION
CommBank Goldman Sachs

Equivalent overall level of AI maturity—unlocked through different approaches

and priorities.

12
 Chapter 1
The Results

Beyond the Top 10 | Future Challengers

Looking beyond the top 10, the remaining banks in the top-half of the Index begin
to cluster more tightly together, and have a more uneven performance across all
four pillars compared to leading banks.

As you can see below, the banks’ performance profiles rarely come close to the
leading bank (i.e. the outer edge of the ring) on any of the Index sub-pillars —and
become progressively “spikey” as you proceed down the ranking.

FIG 8: PERFORMANCE PROFILES OF TOP 11-25 TRANSPARENCY TALENT

BANKS, BY SUB-PILLAR

RAI TALENT
LEADERSHIP CAPABILITY

RAI
INNOVATION TALENT
DEVELOPMENT

RAI
TALENT

VENTURES &
PARTNERSHIPS

EXECUTIVE
POSITIONING
RESEARCH &
PATENTS

AI NARRATIVE OPEN SOURCE

LEADERSHIP INNOVATION
Average

To reinforce this point, the majority of banks ranked #11 to #25 (11 out of 15)
secure a top 10 performance in an individual pillar—but none rank in the top 10 on
two pillars.

Banks in this cohort that are consistently scoring strongly on two pillars, and are
therefore more likely to challenge the current top 10 leaders over time, include:
→ TD Bank (ranked 11th): Remains a powerhouse in AI-specific research
publications and patent filings (#6 in Innovation)—while addressing the emerging
gap on RAI (#16 on Transparency) with its Canadian peers

→ BNP Paribas (ranked 12th): Represented among the six banks that identify AI
as a strategic priority alongside detailed disclosures on use cases and outcomes
(#4 on Leadership)—while also among the top banks hiring dedicated RAI talent
(#13 on Transparency)

→ Bank of America (ranked 15th): Strong performance in Talent Capability,

Innovation—particularly AI patents—and Leadership, due to strong Executive
Positioning around AI.

→ Morgan Stanley (ranked 17th): Maintained its top 10 position in the Innovation
pillar (#7), demonstrating a notable uptick in AI-specific research output
combined with one of the largest investment portfolios (#4) of tech- and data-
centric companies. High scores in Talent Capability traced to elevated volume and
density of AI Development personnel.

In addition, HSBC, NatWest, Société Générale, and Intesa Sanpaolo are all
represented in this cohort—defending a top 25 position amidst the significant
expansion of the Index from 23 to 50 banks.

13
 Chapter 1
The Results
Looking further down the rankings, the bottom half of the Index is generally
dominated by many of the smaller banks, including the majority of our newer
entrants into the Index.

The weak-positive relationship (R2=0.25) between a bank’s size and score (see
FIG 9) suggests a minimum level of labour and capital is required to accelerate
early AI investments.

Many of the bottom 25 banks are failing to effectively compete on the

Innovation pillar, especially with regards to Research & Patents, suggesting
that some smaller banks quite simply don’t have the budget to commit to
significant investment in this space.

fig 9 Index score vs total assets

FIG 9: EVIDENT AI INDEX SCORE VS. TOTAL
$5,000
ASSETS

$4,000
JPMorgan Chase
Total Assets (in millions)

$3,000

Citigroup
$2,000 Wells Fargo
Goldman Sachs Royal Bank of Canada
$1,000 UBS

$0
10 30 50 70 90

Evident AI Index Score (0-100)

> $1T in Total Assets (n=24) <$1T in Total Assets (n=26)

However, that is not to say that smaller banks are unable to compete when it
comes to AI maturity. 8 new banks with total assets under $1 trillion made it into
the top 25, while 6 banks with assets over $1 trillion dropped to the bottom 25
of the ranking. It is clear that size and resource alone are not the sole driver of
AI maturity.

FIG 10: PERFORMANCE PROFILES OF TOP TRANSPARENCY TALENT

26-50 BANKS, BY SUB-PILLAR

RAI TALENT
LEADERSHIP CAPABILITY

RAI
INNOVATION TALENT
DEVELOPMENT

RAI
TALENT

VENTURES &
PARTNERSHIPS

EXECUTIVE
POSITIONING
RESEARCH &
PATENTS

AI NARRATIVE OPEN SOURCE

LEADERSHIP INNOVATION
Average

Over the last year, many of these “challenger” banks have been getting their
act together, albeit arriving late to a party already in full swing. Many are
making intentional, incremental investments in the following priority areas:

14
 Chapter 1
The Results
1. Identifying AI leadership positions
2. Formulating company-wide strategy
3. Establishing Centres of Excellence
4. Building partnerships with Big Tech to accelerate their AI maturity
5. Mapping, prioritising and operationalising their AI use cases
[see Evident AI Outcomes Report]

2024 will reveal the difference between those that are doubling down, and
those that are standing still.

PERFORMANCE BY GEOGRAPHY VARIES WIDELY; EUROPEAN BANKS

STILL LAG
In the previous iteration of the Index, released in January 2023, North American
banks dominated—representing 7 of the top 10 performing banks. In the latest
cut of the Index, the leading North American banks still dominate the top of the
rankings—representing 6 of the top 10 Index leaders.

Generally speaking, North American banks lead on Talent and Innovation pillars,
while European banks lead on Leadership and Transparency pillars. However,
Asia-Pacific banks effectively move the goal posts for what “good” looks like
within the Leadership pillar—a core competency that also carries over to the
RAI Leadership component of the Transparency pillar.

FIG 11: AVERAGE BANK PERFORMANCE TRANSPARENCY TALENT

PROFILE, BY REGION

RAI TALENT
LEADERSHIP CAPABILITY

RAI
INNOVATION TALENT
DEVELOPMENT

RAI
TALENT

VENTURES &
PARTNERSHIPS

EXECUTIVE
POSITIONING
RESEARCH &
PATENTS

AI NARRATIVE OPEN SOURCE

LEADERSHIP INNOVATION
North America Europe Asia-Pacific

AMERICA: BIPOLAR
The leading US banks are still leading by a mile (~1.6 km).
JPMorgan Chase, Capital One, and Wells Fargo all rank among the top 4 banks.
The US market (capital resources), mindset (proximity to tech), and regulatory
environment (break things first, ask questions later…) collectively conspire to
grant the US banks a clear first mover advantage with respect to AI maturity.
But that advantage is not evenly distributed across regional players.

7 of 15 US banks rank 30th or lower—including 3 of the bottom 5.

In a market characterised by a fierce war for talent and an escalating land grab
for AI-specific intellectual property, this environment poses an existential
threat to smaller banks that have little choice but to rent or buy (versus build)
their own AI future. Is the US market at risk of consolidation? After Silicon
Valley Bank, Signature Bank, First Republic Bank . . . perhaps yes.

15
 Chapter 1
The Results
Canadian consistency.
4 of the 5 Canadian banks rank in the top 20. They started their AI journeys
early, and have consistently doubled-down across all four pillars. Whether as a
result of their policy environment (the Canadian government was the first
nation to build an AI strategy back in 2016); plethora of leading academic
institutions; or their proximity to the highly competitive US talent market,
there’s clearly something in the water.

Europe: Mixed bag.

Χ Western Europe: similar to the American banks, Western Europe sees a

significant bifurcation between the three principal leaders (UBS, ING, BNP
Paribas) and their continental peers. The Dutch banks (Rabobank and ABN
AMRO) continue to outperform on the density of AI talent relative to overall
headcount.

Χ Southern Europe: led by Santander, with Intesa Sanpaolo and BBVA

rounding out the top 3. Banks in this region typically outperform in the
Leadership pillar, employing deft use of owned media channels to communicate
their AI-centric investments and activities.

Χ UK: while 4 of the 5 British banks feature in the top half of the rankings,
none of the UK banks are challenging the North Americans or Western
Europeans for the top spots. The nation definitely has talent—but it is
frequently employed by US banks (see Evident AI Talent Report). And while the
threat of a “New European Financial Capital” may have been overblown, one
can’t help but ask whether the administrative and legal scramble triggered by
Brexit appears to have come at a cost.

Χ Nordics: While Danske Bank and Nordea exhibit more AI activity than some
local peers (e.g., DNB ASA, Handelsbanken, SEB Group, Swedbank)—these
two Nordic banks are still lagging (significantly) across all four pillars. Despite
the progressive economy, the Nordics represent a small and fragmented
market, often hamstrung by a slow migration to cloud-based architecture (the
basic “table stakes” for any AI transformation).

APAC: Rockstars. Loud ones.

DBS and CommBank reset the benchmark for what “good” looks like in terms
of Leadership and Transparency. Although these pillars both feature lower
weighting in the methodology, both banks exploit limited coordination and
communication of AI strategy found across large swaths of the Index. In
addition, both are proactively investing in Talent Development—recognizing
where they need to perform to maintain their current altitude in the ranking.
Fig 12 Distribution of overall performance
FIG 12: DISTRIBUTION OF OVERALL 50%
PERFORMANCE IN EVIDENT AI INDEX,
BY SUB-REGION
Percentile Rank vs. Index Median (50%)

25%

0%

-25%

-50%
Canada UK USA Asia-Pacific Western Europe Southern Europe Nordics
(n=5) (n=5) (n=20) (n=5) (n=13) (n=5) (n=2)

Geographic Sub-Region
TOP BANK
Nov 2023
n=50 banks RBC HSBC JPMC Comm UBS Santander Danske
Bank Bank

16
 Chapter 1
The Results
HALF OF THE BANKS INCLUDED IN THE INDEX PLACE IN THE TOP 10 OF AT
LEAST ONE PILLAR OF AI MATURITY
As shown above, focusing exclusively on a bank’s overall rank can easily
obscure the sheer diversity of strengths and weaknesses found beneath the
surface of the Index.

For instance, while the top 3 banks (JPMorgan Chase, Capital One, and Royal
Bank of Canada) consistently score among the Top-10 banks across all pillars of
the Index, 25 banks rank in the top 10 in at least one pillar of measurement.

Moreover, 9 out of these 25 banks are smaller banks that are new entrants to
the Index. In addition to Capital One:

Χ Rabobank makes a strong showing in the Talent pillar

Χ Bank of Montreal enters the Innovation pillar
Χ Smaller banks tend to exhibit particular strength in the Leadership and
Transparency pillars, indicating: (a) lower barriers to entry; (b) the outsized
impact of incremental investments (for now)

This diverse array of best practice holders reinforces the idea that there are
many pathways to the banking sector’s common destination. And ultimately, if
a bank aspires to be “best-in-class” across all the many facets of AI maturity,
then it needs to start benchmarking ongoing efforts more than a single peer or
exemplar.

FIG 13: TOP 10 BANKS, BY PILLAR

TALENT INNOVATION LEADERSHIP TRANSPARENCY

1 Capital One 1 JPMorgan Chase 1 DBS 1 JPMorgan Chase

2 JPMorgan Chase 2 Capital One 2 JPMorgan Chase 2 Royal Bank of Canada

3 UBS 3 Royal Bank of Canada 3 CommBank 3 Scotiabank

4 Wells Fargo 4 Goldman Sachs 4 BNP Paribas 4 CommBank

5 Citigroup 5 Wells Fargo 5 Royal Bank of Canada 5 Capital One

6 ING 6 TD Bank 6 CaixaBank 6 HSBC

7 Royal Bank of Canada 7 Morgan Stanley 7 Bank of America 7 NAB

8 Goldman Sachs 8 Citigroup 8 Capital One 8 BNY Mellon

9 Société Générale 9 Bank of Montreal 9 Intesa Sanpaolo 9 NatWest

10 Rabobank 10 ING 10 Deutsche Bank 10 Wells Fargo

Nov 2023 Top 3 Expanded November coverage

17
 Chapter 2 | Talent
AI at scale requires long-term investment in talent
Making AI work in banks is complex, and requires a broad combination of roles
and skill sets: data scientists, data engineers, ML engineers, software
developers, subject matter experts, quants, model risk analysts, policy and
governance managers… to name but a few. Bringing these skill sets together
requires meticulous management and a Board that understands the challenges
and opportunities of deploying AI.

To compound the challenge, the pace of AI advancement is moving faster than

the ability of the global workforce to register, respond, and reconfigure itself.
As a result, sourcing talent—to either develop groundbreaking AI or simply
keep up with the current standards—remains a challenge. Banks face huge
competition for talent, not just from direct peers, but from Big Tech players.

That said, the rapid advancement in Generative AI over the last year has
democratised access to AI tools like never before, and perhaps offers an
opportunity for banks that haven’t invested as significantly in their AI
workforce to get capabilities into the hands of teams across the bank quickly
(in partnership with leading tech players).

However, we need to keep in mind that GenAI is only a subset of the AI toolkit,
and it remains to be seen how applicable it’s going to be for the banking sector.
Ultimately, banks need to be investing in all areas of their talent stack - as well
as building a culture of innovation and experimentation—to harness the power
of AI over the long-term.

HOW WE MEASURE TALENT

This Pillar measures the number, density, and academic background of AI &
Data employees working at each bank; as well as the visible initiatives
underway to hire, retain, and develop leading AI talent. It has two component
parts:

Χ Talent Capability
The volume, density, and academic background of employees working across
the AI and data lifecycle. This includes analysis of all employees working across
240+ job titles aligned to three foundational capability areas: AI Development,
Model Risk, and Implementation (encompassing Data Engineering, Software
Development, and Product Management). See table below (FIG 14) for a
sample for the most common job types (each encompassing multiple titles)
found on LinkedIn matched to their respective capability area.

Χ Talent Development
The breadth of initiatives banks are deploying to attract, retain, and develop
leading AI talent, as well as upskill the rest of the organisation.

FIG 14: MOST COMMON JOB TITLES FOUND ON AI DEVELOPMENT MODEL RISK IMPLEMENTATION
LINKEDIN, BY TALENT CAPABILITY AREA (13) (5) (17)

AI Architect AI Model Risk Devops

AI Scientist Quantitative Model Risk Software Engineer
AI Researcher Model Governance Systems Engineer
Data Scientist Model Risk Automation Engineer
NLP Data Scientist Model Risk Audit Full Stack Developer
NLP Engineer Frontend Developer
Model Developer Backend Developer
Decision Scientist Cloud Developer
ML Engineer Software Architect
Conversational AI Technical Lead
Generative AI AI Product Manager
Quant Distinguished Engineer
Actuary MLOps Engineer
Data Architect
Data Engineer
Database Administrator
Sept 2023 Data Governance

18
 Chapter 2 | Talent
The Results
TALENT CAPABILITY
Major US banks dominate the Talent Capability rankings, occupying 7 out of the
top 10 positions in this sub-pillar. These leading banks demonstrate a high
volume and density of talent across some (if not all) categories of AI-related
talent, including: AI Development, Model Risk and Implementation.

FIG 15: TOP 10 PERFORMING BANKS IN TALENT

PILLAR
TALENT PILLAR

Bank Top-10 Talent Capability Talent Development

Capital One 1 1 4

JPMorgan Chase 2 2 1

UBS 3 3 17
Wells Fargo 4 4 14
Citigroup 5 5 19

ING 6 6 13

Royal Bank of Canada 7 12 3

Goldman Sachs 8 7 27

Société Générale 9 15 7

Rabobank 10 17 10

The global leader in the Talent pillar—Capital One—dominates on density

Capital One dominates across the AI Development and Implementation talent
sub-pillars due to its exceptionally high density of these employees, relative to
the bank’s total headcount. Nearly 12 percent of its workforce performs an
AI-related role (either AI Development, Model Risk, or Implementation)—4x
that of the running Index average.

The North American banks dominate on volume of AI talent

JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup dominate in
terms of the absolute volume of talent, across the board. These five banks
currently represent a third (34 percent) of all AI talent across the Index, versus
a quarter (24 percent) of total
job_group
All
Run Date
employees.
September
Highlight name
No items highlighted
Show history

Volume vs Density of Talent, September '23

FIG 16: CURRENT VOLUME VS. DENSITY OF 12%
AI-RELATED TALENT, BY BANK
Capital One
11%

10%

9%
Headcount as % of total employees

8%

7%

6%

5%

UBS JPMorgan Chase

Sep 2023 4%
Charles Schwab
ING Groep
n=102,978 LinkedIn ABN AMRO Société Générale
Morgan Stanley Wells Fargo
profiles 3%
Rabobank
NatWest
Citigroup
Note: Chart shows DBS
Bank of America
BBVA BNP Paribas
comparison of the 2% HSBC
number of AI US Bank

Development, Model 1%
UniCredit
Crédit Mutuel
Risk, and
Implementation 0%
employee profiles 0K 1K 2K 3K 4K 5K 6K 7K 8K 9K 10K 11K 12K
relative to the overall Headcount

headcount at the bank. North America Europe Asia-Pacific

19
 Chapter 2 | Talent

Χ Goldman Sachs’ performance is largely driven by their AI Development

capability, thanks in part to their strong team of quants.
Χ Wells Fargo excels in the Implementation pillar—with a particularly high
volume of Data Engineering talent relative to peers.
Χ Bank of America and Morgan Stanley both rank well on AI Development
talent, but exhibit weaker performances on Model Risk and Implementation
talent respectively. Both banks end up outside of the top 10 in the Talent pillar
due, in part, to limited visibility of training and recruitment initiatives within the
Talent Development sub-pillar.

UBS is the top bank in Europe for AI talent following its acquisition of
Credit Suisse
In June, UBS completed its emergency rescue of Swiss rival Credit Suisse,
bringing the European chapter of the 2023 banking crisis to a close. UBS
inherited over 45 thousand employees from Credit Suisse, and immediately
announced job cuts to ~8 percent of its combined operations (for starters).

Based on unique LinkedIn profiles associating employees with either bank, we

observed a sharp decline in the combined headcount of the two companies
(-11.0 percent between May and November 2023). Over that same time period,
the combined volume of AI talent at the new banking giant increased +4.8
percent to nearly 5,000 employees—suggesting AI talent at both banks was
largely immune (or intentionally sequestered) from job cuts following the
merger.

As a result, UBS has edged out ING as the European leader when it comes to
the volume of AI talent—now featuring ~1.9x the AI talent pool found at ING. In
addition, ING and UBS are now neck-and-neck when it comes to estimated
density of AI talent (~4 percent of their workforce). This puts them roughly
on-par with JPMorgan Chase for talent density—trailing only Capital One.

Interestingly, UBS, ING and NatWest all excel when it comes to the density of
dedicated Model Risk functions. The top 5 banks (ING, Rabobank, UBS, ABN
AMRO, and Commerzbank) all belong to the same regional cohort. While at
first glance, Model Risk appears as an area of potential weakness for Capital
One and Royal Bank of Canada, this may be a reflection of a less centralised
approach to Model Risk management favoured by those institutions. Many of
the bank’s employees performing Model Risk functions positions are classified
as general Data Scientists—an organisational strategy we will delve into
further in upcoming Insight Reports.

TALENT DEVELOPMENT
In order to attract, retain, and develop leading AI talent, banks need to think
beyond existing Talent Capability, and assess the state of their ongoing Talent
Development.

Employees are more conscious than ever of the hiring, development, and
training opportunities available to them. If banks fail to: (a) establish these
initiatives; and (b) advertise these activities to prospective hires, the banks
that dominate the market today may not be able to attract and retain the best
talent going forwards. While Talent Capability measures the established
resources of a given organisation, Talent Development provides a good proxy
for its future trajectory.

Leading banks in Talent Development are characterised by:

Χ AI-focused hiring initiatives, including sponsoring PhD candidates or
academic fellowships leading to long-term retention of senior contributors in
the fields of AI and Data Science.
Χ AI-focused Training & Career Development opportunities across all levels of
the organisations. Société Générale leads the way here, offering both AI
awareness and training programmes to 5,000 staff and a re-skilling programme
designed to reduce overall attrition driven by digital transformation.
Χ Strong cultural performance—including offering flexible, hybrid, or remote
working positions; as well as hosting internal hackathons and participating in
external events.

20
 Chapter 2 | Talent

Χ Improving gender diversity, particularly across AI Development and Model

Risk teams.

These factors become particularly important when we look at the rate at which
banks have accelerated their AI hiring efforts over the last four months.

HIRING TRENDS
AI talent employed by the banks has increased nearly +10% from May to
September 2023, despite broader hiring freezes
Focusing on the last four months of AI talent data, the number of individuals
working in AI-related roles across the 50 banks we cover has increased by
+9.6%, in contrast to a -2.5% reduction in the total headcount across all banks.

While talent volumes have increased across all role types, most growth has
been concentrated in Data Engineering (+12%) and AI Development (+10%)
positions, with slightly slower growth in Model Risk (+8%) and Implementation
(+7%).

Widespread growth in AI talent continues unabated by widely reported

reduction-in-force initiatives. Consequently, the resulting density of AI talent
relative to overall headcount within banks is also increasing, albeit at differing
rates of change.

fig 19 Growth of AI related talent

FIG 17: GROWTH OF AI-RELATED TALENT BY 40,000
CAPABILITY AREA

30,000
Matching Employee Profiles

20,000

10,000

0
Implementation Data Engineering AI Development Model Risk

May 2023 vs. Sep 2023 May 2023 September 2023

FIG 18: GROWTH OF AI-RELATED TALENT BY IMPLEMENTATION DATA AI DEVELOPMENT MODEL RISK
CAPABILITY AREA ENGINEERING

Share of Total 36.0% 33.0% 27.3% 3.6%

6-Month Growth +7.4% +12.2% +9.7% +8.3%

Top Bank JPMorgan Chase JPMorgan Chase JPMorgan Chase Citigroup

(volume growth)

Top Bank Capital One Capital One Capital One ING

May 2023 vs. Sep 2023 (density growth)

JPMorgan Chase and Capital One are leading the way when it comes to
growing AI Development talent, with BBVA and HSBC also pulling ahead
JPMorgan Chase has added nearly 200 headcount to its AI Development teams
since May 2023, nearly 5x the average increase observed across the other
banks in the Index (see FIG 19). While Capital One is adding less in terms of
overall AI Development headcount, the relative density of their talent has
increased significantly—given the bank’s smaller overall size. Interestingly,
BBVA and HSBC are also pulling ahead here. And as we have already noted,
UBS’s overall AI talent density has increased following the recent integration
with Credit Suisse.

21
 Chapter 2 | Talent
job_group employer Highlight employer
AI Development Multiple values No items highlighted

Change in Volume vs Density of Talent, April to September '23

FIG 19: CHANGE IN VOLUME AND DENSITY OF
AI DEVELOPMENT TALENT, BY BANK
+0.4% Capital One

Change in Talent Density (Percentage Point Change)

+0.3%
UBS

Goldman Sachs
ABN AMRO
+0.2%

BNY Mellon Crédit Agricole

+0.1%
HSBC

May 2023 vs. Sep 2023

n=27,232 LinkedIn
profiles BBVA
Note: Chart shows JPMorgan Chase
0.0%
comparison of the
number of AI
Development employee
profiles relative to the -100 -50 0 +50 +100 +150 +200
overall headcount at Change in Talent Volume (FTE)

the bank. North America Europe Asia-Pacific

Among the banks pulling ahead on these metrics, all major outliers have
announced major hiring initiatives, including:

Χ JPMorgan Chase’s pole position here is not surprising, as Evident

highlighted it as one of four banks (including Citigroup, Deutsche Bank, and
BNP Paribas) that were advertising more than 1,000 AI-related jobs in 1H 2023.
The bank consistently demonstrates long-term thinking, offering a dedicated
page profiling AI & Data Science Internship Opportunities on the Student &
Graduate section of its Career Portal.

Χ Capital One continues to increase the density of its AI Development talent,

despite reportedly cutting more than 1,100 tech jobs as recently as January
2023. According to Bloomberg, much of this workforce reduction impacted the
Agile Development team, shifting teams focused on digital transformation
tasks back into “core” IT roles. The AI-related roles Evident tracks appear to be
a direct match to the priority categories Capital One emphasised the bank
would focus on moving forward—including tech professionals with cloud, data,
machine learning, and cyber security skills.

Χ BBVA has significantly grown its volume and density of AI talent. One way
the bank continued to differentiate itself from European counterparts was by
launching a dedicated job portal focused on attracting candidates with
technology backgrounds.The portal emphasises flexible work models and
training programmes. The group expects to end 2023 with over 2,600 new
specialist hires, with nearly 40 percent based in Spain. Other major hiring hubs
include Mexico and Turkey.

HIRING FOR GENERATIVE AI POSITIONS IS NASCENT,

US BANKS LEAD THE WAY
Underneath the Generative AI headlines, few banks in our Index have started
hiring for roles specific to Generative AI—and for those ahead of the game, it
appears a relatively recent endeavour. In March 2023, Evident found only 11
active job descriptions for Generative AI roles across the banks we track. By
August that number had swelled to 79 and counting.

22
 Chapter 2 | Talent

fig 21 Generative jobs

FIG 20: GENERATIVE AI JOB LISTINGS AT 80
BANKS, BY MONTH

60

Generative AI Job Listings

40

20

0
Mar 2023 - Sep 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023

While the overall volume of GenAI roles remains low (for now), over two-thirds
(68 percent) of these GenAI listings originate from North American banks—
driving primarily from Citigroup, JPMorgan Chase, and Capital One. Not
coincidentally, these three banks demonstrate more active engagement on the
topic across various forums:

Χ In March, Capital One announced its new Chief Scientist & Head of
Enterprise AI, Prem Natarajan, who was previously Vice President for Alexa AI
at Amazon.
Χ In October, it was reported that Citigroup plans to grant the majority of its
40,000 coders access to GenAI, including a small pilot program where 250
developers already deployed the tool to ingest and analyze 1,089 pages of new
capital rules.
Χ Also in October, Arezu Moghadam (Global Head of Data Science),
demonstrated how an instance of SpectrumGPT hosted in JPMorgan Chase’s
cloud could be leveraged by equity portfolio managers to co-pilot research
inquiries.

Among these three players, we observe subtle differences in where and how
they are hiring these roles:
fig 23
FIG 21: BREAKDOWN OF TOTAL GENERATIVE
AI JOB LISTINGS, BY REGION USA 68%

Western Europe

UK

Asia-Pacific

Canada

Southern Euorpe

Northern Europe
Mar 2023 – Sep 2023,
n=284 job listings 0% 20% 40% 60% 80%

fig 22
FIG 22: SHARE OF TOTAL GENERATIVE AI JOB
LISTINGS, BY BANK Citigroup 21%

JPMorgan Chase 15%

Capital One 15%

Goldman Sachs 7%

DBS 5%

HSBC 5%

PNC Financial Services 4%

Groupe BPCE 2%

Royal Bank of Canada 2%

Société Générale 2%

0% 5% 10% 15% 20% 25%

Mar 2023 – Sep 2023
n=284 job listings Top 10 Banks

23
 Chapter 2 | Talent

Χ The majority of Citigroup and Capital One’s GenAI jobs fall within the AI
Development capability. In contrast, JPMorgan Chase’s GenAI roles appear
more distributed and integrated into established AI teams.
Χ Over a third (36 percent) of Citigroup’s roles are for senior roles, such as
Senior Generative AI Research Engineer (VP-level)
Χ Over half of the job listings at Citigroup and Capital One reference GenAI
directly in the job title—making them more discoverable to inquiring
candidates on LinkedIn.

Is this yet another example of the leading US banks moving ahead of the pack
when it comes to AI adoption, or just an indication that these banks are carving
out distinct Generative AI roles and teams? Time (and more data) will tell…

THE MYTH VERSUS THE REALITY OF “BIG TECH” LAYOFFS

As we have seen, banks have doubled down on AI hiring over the last year. In a
world of limited talent, competition remains fierce—often requiring creative
solutions to common constraints.

At the start of 2023, we witnessed the largest wave of tech layoffs recorded
since the Great Recession (2008-09). This was billed by many as a one-time
opportunity for other industries starved for tech talent—including education,
healthcare, government, and financial services

Finally, firms outside Silicon Valley could compete on level ground for the best
coders and tech innovators, capitalising on the low morale of disgruntled tech
workers seeking to exchange inflated compensation for enhanced, long-term
job stability. Or so the working theory went, anyway…

However, our data paints a different picture of what actually transpired.

24
 Chapter 2 | Talent

Aside from Universities, the biggest source of AI talent into banks is . . . still
another Bank, followed by Consultancies, followed by Tech. While vendors
provide
Top N
aEmployee
logical revolving door
Country Bank Region
of scarceJobAI
Start Date
talent,employer
group
bank employees coming prev_employer_cat..
from outside All of industry
All are 3x01/01/2021
moreto 31/..
likely
All to originate
All from a Consultancy
All

versus a Tech firm.

Sources of Index Talent, Top 10

FIG 23: TOP 10 SOURCES OF AI TALENT 8K

RECRUITMENT, EXCLUDING UNIVERSITIES
7K

6K

5K

4K

3K

2K

1K

0K
Index Banks Tata Consul Cognizant Accenture Infosys IBM Capgemini EY Deloitte Amazon/AWS
tancy..
2021–2023
Consultancy Index Bank Tech

Conversely, when current AI talent within banking defects to another industry,

5 of the top 10 poachers are Big Tech firms. When bank employees leave the
industry, they are 1.5x more likely to head to a Tech firm vs. a Consultancy.
fig 21 Top 10 poaching
FIG 24: TOP 10 EMPLOYERS POACHING AI
TALENT FROM BANKS Amazon/AWS 10.3%

Fidelity Investments 7.1%

Millennium 6.8%

Microsoft 6.5%

Google 6.0%

IBM 5.4%

Oracle 3.8%

LSEG 3.5%

Tata 3.3%

Capgemini 3.3%

0.0% 2.5% 5.0% 7.5% 10.0% 12.5%

2021–2023 Technology Financial Services Consulting Hedge Fund Stock Exchange
fig 20 Share of AI talent
FIG 25: SHARE OF AI TALENT OUTFLOWS
Independent Advisor
FROM BANKS TO ADJACENT INDUSTRIES 3.8%
Stock Exchange
5.2%
Hedge Fund
14.4% Technology
36.1%

Consulting
20.1%

Financial Services
2021–2023 20.4%

25
 Chapter 2 | Talent
What’s next?
LEARN MORE
Evident tracks much of this talent data on a monthly basis to keep a pulse of
the latest AI talent activity across the sector.

In Q1 2024, we are launching the Evident AI Talent hub, the definitive home of
our latest talent data and analysis. Members will be able to:
Χ Dive deeper into the trends and insights explored in our Key Findings
Report, as well as the Evident AI Talent Report (published June 2023).
Χ Access data trackers to keep up to date with the latest talent activity across
the sector.

Compare the data of individual banks against specific peer groups.

Get in touch to learn more…

Evident tracks AI Talent Acquisition, Hiring, and Retention across the

banks on a monthly basis

SIZE OF MARKET TALENT SOURCES EDUCATION LEVELS EXPERIENCE & TENURE

AI & Data Core - Density vs Volume Career Length vs AI-Related Experience

4.5%
PayPal
Talent Proportion by Highest Qualification
4.0% 12K
Canadian
Capital One
Banks

Visa US Banks
3.5% fig 20 Share of AI talent
10K
Independent Advisor
3.8%
3.0% Stock Exchange

Count of Career Length Years

5.2%
Hedge Fund UK Banks
8K
Talent Density

14.4% Technology
2.5%
36.1%

N European
2.0% Banks 6K

S European
1.5% Banks

Wells Fargo
Consulting
4K
20.1% French
Banks
1.0% Citigroup JPMC
Financial Services
20.4% 2K
0.5%
0% 20% 40% 60% 80% 100%
Percentage of Talent
0.0%
PhD Master's Bachelor's Other 0K
0 500 1000 1500 2000 2500 3000
0 5 10 15 20 25 30
Talent Volume
Years of Experience
Region Company Type
US Canada UK France N Europe S Europe Bank Payments AI Experience Career Length

GEOGRAPHY DENSITY EMPLOYEE MOBILITY CAREER DEVELOPMENT GENDER DIVERSITY

Employer Bank Region Explicit Employee Region Job Group Minimum Visible Count Volume of Talent in S.. Focus Bank
100%
All All Multiple values All From 20 HSBC
20 Previous Region
7K Region
90%
Gender Balance of Banks with >50 women, excluding India
80% Canadian
Banks
US Banks
US 70%
US

60%
%

S European
50% Banks

French
40%
N Europe Banks

N Europe
30%

N European
UK 20% Banks
Canada
UK Banks
10%

Canada
UK 0% 26%
UK Bank

US Bank

Canadian Bank

US Bank

European Bank

US Bank

European Bank

US Bank

US Bank

European Bank

US Bank

European Bank

European Bank

European Bank

UK Bank

European Bank

US Bank

US Bank

European Bank

0% 10% 20% 30%

France France
% of Women in AI-Related Roles

S Europe Southern Europe

Neither Both Mentioned Excel Only Python Only

© 2023 Mapbox © OpenStreetMap

Top 10 Banks in Region

ING Groep
BNP Paribas HIRING TRENDS EMPLOYEE CHURN POACHING RETENTION
UBS Group
Growth by Volume, Oct 2022 to Mar 23 Proportion of AI Core Staff Retrained
200K
Société Générale
JPMorgan Chase
+6% HSBC 40%
Previous Employer Employer 180K
Lloyds
Barclays
BofA Wells Fargo 160K
Credit Suisse
Rabobank
+5%

0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000 140K
30%
JPMC
JPMC
Proportion of Talent Retrained

+4% 120K
Average Salary (USD)
Percentage Growth

Citigroup BofA
100K

20%
+3% Wells Fargo Citigroup
80K
Morgan Stanley Capital One

Goldman Sachs Morgan Stanley

+2% 60K
Capital One Goldman Sachs
10% AMEX US Bancorp
40K
BNY Mellon BNY Mellon
+1%
US Bancorp AMEX
NC Truist PNC
20K

PNC Charles Schwab

0%
0K
0% Bank of America Wells Fargo Citigroup JPMorgan Chase Capital One
Boston San Jersey City San Jose New York Charlotte Irving Phoenix Tampa London Zurich Edinburgh
Data Science Model Risk Data Engineering Quant Francisco

26
 Chapter 2 | Talent
What should we do?
ACTION ITEMS & NEXT STEPS

NOW Increase visibility of existing hiring, training, and other career development opportunities at
(TACTICAL) the bank.

Ensure career portals highlight Technology and/or Artificial Intelligence opportunities alongside
other priority areas for recruitment (see ING), removing friction from a job seeker’s search and
discovery process.

Ensure dedicated landing pages for AI Centers of Excellence provide a forwarding link to the
career portal, establishing an expedited path to relevant job listings (see JPMorgan Chase).

NEXT
QUARTER Benchmark current volume and velocity of hiring for new disciplines (e.g., GenAI) against
immediate peers—and determine adaptation to existing job listings to appear against trending
job searches.

Audit job lists to ensure AI-related skills are comprehensive, standardised across
the organisation, and return relevant search matches on leading career portals.

NEXT
YEAR Work with HR partners to set hiring goals specific to AI talent, based on forecast headcount
(STRATEGIC) requirements versus active retention rate (see BBVA).

Forecast the organisation’s long-term talent requirements based on your bank’s current
AI strategy.

Assess impact of various scenarios based on estimates of job types being outmoded by AI.
The World Economic Forum’s continuing analysis of the Future of Work is an excellent starting
resource (see pages 207-208 for an assessment of Financial Services and Capital Markets).

27
 Chapter 3 | Innovation
AI at scale requires a dedicated innovation capability
Innovation is about taking new ideas and turning them into tangible value for
stakeholders, whether realised through new and improved products and
services, or via efficiency gains. This can be done by driving the creation of new
technologies in-house or by leaning on external expertise.

Banks in our Index take different approaches to innovation, and we attempt to

capture a combination of their aptitude to develop original intellectual property
internally, their willingness to partner with leading academic institutions and
technology companies, and their focus on investing in (or outright acquiring)
AI-centric companies.

HOW WE MEASURE INNOVATION

This Pillar measures a bank’s long-term investment in AI innovation, extending
to AI-specific research and patents; AI-focused investments, acquisitions, and
partnerships; as well as engagement with the open source ecosystem.
Accordingly, it has three components:

Χ Research & Patents

The volume and calibre of the bank’s AI research output and talent;
participation at leading academic conferences; and investment in AI-related
patents.

Χ Ventures & Partnerships

The number of investments and acquisitions of AI and tech-focused
companies; as well as the range of academic and vendor partnerships the bank
employs to accelerate its AI and digital transformation initiatives.

Χ Open Source
The bank’s overall engagement with the open source development ecosystem,
including direct contributions to leading code repositories and participation in
open source projects and working groups.

28
 Chapter 3 | Innovation
The Results
FIG 26: TOP 10 PERFORMING BANKS IN INNOVATION PILLAR

INNOVATION PILLAR

Bank Top-10 Research & Patents Ventures & Partnerships Open Source
JPMorgan Chase 1 2 2 3

Capital One 2 3 4 1

Royal Bank of Canada 3 1 35 4

Goldman Sachs 4 9 1 2

Wells Fargo 5 5 6 18

TD Bank 6 4 22 15

Morgan Stanley 7 8 14 5

Citigroup 8 20 3 8

Bank of Montreal 9 7 21 8

ING 10 27 5 14

If the key finding from the January 2023 Index was that North American banks
were leading the pack when it comes to AI innovation, this takeaway has only
been reinforced by our latest ranking. Nine of the top 10 banks are North
American (a third of which are Canadian), with ING as the only European bank
joining the leader’s circle.

JPMorgan Chase continues to lead the pack, followed by Capital One in

second. Both exhibit a consistently strong performance across all areas of the
Innovation pillar.

The only other new entrant to join the top 10 in the Innovation pillar was Bank of
Montreal. This is largely thanks to its small (but highly cited) AI patent library,
and wide range of documented partnerships across academic institutions and
technology partners.

JPMORGAN AND RBC RESEARCH TEAMS ARE PLAYING AT A DIFFERENT LEVEL

As we explored in detail in the Evident AI Innovation Report (published July

2023), banks across the sector have doubled down on the publication of AI
research over the last five years. In 2018, only 24 banks (48 percent) published
any research specific to AI. Whereas by 2022, 41 banks (82 percent) are
publishing work on the topic. Collectively, the volume of AI literature from banks
has increased 25x over this time period.

The North American banks are responsible for over 75 percent of all AI research
papers published over the last five years. Canadian banks demonstrate outsized
influence here—representing only 1-in-5 North American banks in the sample,
but producing nearly half (40 percent) of the total research output from that
region.

fig 28 banks publishing AI research

FIG 27: NUMBER OF BANKS PUBLISHING 50
AI RESEARCH, BY YEAR
# of Index Banks Publishing AI Research

40

30

20

10

2018-2022 0
n=50 2018 2019 2020 2021 2022

29
 Chapter 3 | Innovation

fig 29 AI specific research papers

FIG 28: AI-SPECIFIC RESEARCH PAPERS, BY 300
REGION

AI-specific Research Papers Published

200

100

2018-2022 0
n=626 papers 2018 2019 2020 2021 2022

from 36 banks Asia-Pacific UK Europe Canada USA

Two banks, JPMorgan Chase and Royal Bank of Canada continue to dominate
the AI research landscape, and now represent over half of the industry’s
collective output each year.

Royal Bank of Canada was an early mover here, consistently responsible for 20
percent of annual AI research since 2018, while JPMorgan Chase’s outsized
contributions gathered momentum from 2020. This inflection point can be
traced to the recruitment of Manuela Veloso (Head of AI Research) from
Carnegie Mellon University in May 2018, and later, the scalability achieved
through the establishment of the bank’s Explainable AI Center of Excellence
(XAI COE) in July 2020.

While JPMorgan Chase and Royal Bank of Canada clearly dominate the current
landscape of AI research within the industry, select banks are increasing their
recent efforts in this area. Between 2021 and 2022, Capital One, Goldman
Sachs, and Morgan Stanley all saw significant upticks in their research
output—collectively accounting for over 25 percent of AI research released in

fig 30 top banks by AI research

FIG 29: TOP 10 BANKS BY AI RESEARCH 100 JPMorgan Chase
PAPERS PUBLISHED, BY YEAR
RBC

Capital One

75 TD Bank
AI Research Papers Published

Morgan Stanley

Intesa Sanpaolo

UniCredit
50
Wells Fargo

Goldman Sachs

CommBank
25

2018-2022
n=626 papers
0
from 36 banks 2018 2019 2020 2021 2022

2022.
But why the focus on AI research? And why make it public?

We hear many reasons banks invest in AI research. Some claim it helps them
react faster to the pace of frontier innovations—and ultimately develop and
productise the next wave of AI tools and applications. Others argue that by
publishing research—and participating in leading AI conferences such as
NeurIPS, AAAI, or WSDM—they can better position themselves as peers to
Big Tech firms, and thereby compete for the same talent pool.

But more broadly, dedicated research teams send a symbolic message about
the level of senior management “buy-in” and dedication to growing their AI
resources and capabilities. These banks signal a belief that investment in
research now will ultimately convert to a sustained competitive advantage over
time.

30
 Chapter 3 | Innovation

“We started Borealis AI, our research team at RBC, because we

wanted to be the best of the best, the subject matter experts.
Many people asked why we would allow these teams to do
theoretical research... I’ve learnt years ago that the more
theoretical and applied researchers meet and work together, over
time they start aligning their ambitions and work together on
issues that matter most to deploying
AI across the bank.”
Martin Wildberger, EVP, Innovation & Technology, Royal Bank of Canada

BANK OF AMERICA AND CAPITAL ONE LEAD THE WAY ON AI PATENTS

If some banks dominate the Index when it comes to AI research, the picture is
even more stark when we look at the AI patent landscape.

Over the past decade, the number of AI-specific patents filed by banks has
grown precipitously (growing at a 110 percent CAGR), now approaching nearly
1,000 patents filed per year since 2020.
fig 31 AI patent filings by year
FIG 30: TOTAL AI PATENT FILINGS, BY YEAR 1000
Number of AI Patents Filed Per Year

750

500

250

2014-2021
0
n=2,295 patents 2014 2016 2018 2020

Five banks are responsible for 94 percent of AI patent filing over the last decade
The majority of this activity is driven by Bank of America and Capital One, which
are jointly responsible for 74 percent of active patents and 68 percent of pending
patents.
fig 32 total AI patents by bank
FIG 31: TOTAL AI PATENTS, BY BANK (TOP 10) 1000

750

500

250

2013-2022 0
Capital One Bank of JPMorgan Wells Fargo Royal Bank TD Bank Bank of Morgan BNY Mellon Goldman
n=2,477 patents America Chase of Canada Montreal Stanley Sachs

Bank of America was quickest off the mark (with ever-increasing focus since
2017) and leads in terms of the overall number of “active” AI patents. Capital
One was slightly later to the party, increasing its focus in this space from 2019
onward, ultimately overtaking Bank of America in terms of the overall number of
AI patents filing (though nearly half of these are still “pending”).

The rest of the top banks pursuing an AI patent strategy are also dominated by
North American players, including Wells Fargo, Morgan Stanley and BNY Mellon.

31
 Chapter 3 | Innovation

fig 33 cumulative AI patents

FIG 32: CUMULATIVE AI PATENTS, BY BANK 1000 Capital One
(TOP 10)
Bank of America

JPMorgan Chase

750 Wells Fargo

Royal Bank of Canada

TD Bank

AI Patent Filings
Bank of Montreal
500
Morgan Stanley

BNY Mellon

Goldman Sachs
250

0
2016-2021 2016 2017 2018 2019 2020 2021

Royal Bank of Canada and JPMorgan Chase are also in the mix, but not up there
with the leaders when it comes to volume. This could be the result of a distinct,
more focused patent strategy—or because our perspective here lags in terms of
data availability. Note: it can take up to 18 months for our primary source of
patent data (Google Patents) to reflect the current state of play. Consequently,
much of the patent activity driving these numbers is offset from the bank’s
parallel investments into AI research. Time will tell…

However, this isn’t just a volume play. Canadian banks—specifically Royal Bank
of Canada and Bank of Montreal—lead the way when it comes to patent quality,
assessed by examining the ratio of forward / backward citations. Some
clarification on terminology:

Χ Forward citations: the number of succeeding patents that cite your patent,
representing a measure of the patent’s wider impact and influence across other
related applications.

Χ Backward citations: the number of preceding patents that your patent

cites, representing a comparative measure of the novelty of the patent. The
fewer backward citations, the more unchartered the territory, and thus the more
“novel” the patent.

Χ If the Forward / Backward citation ratio is >1, the patent holder

demonstrates a net positive influence on wider intellectual property. Although
there are exceptions to this inference, the measure generally represents a good
signal of patent “quality.”
fig 34 quality of AI patents
FIG 33: TOP 5 BANKS BY “QUALITY” OF 3.0
AI-RELATED PATENTS FILED
Forward / Backward Citation Ratio

2.0

1.0

2013-2022
0.0
n=2,477 patents Royal Bank of Canada Bank of Montreal Bank of America Goldman Sachs BNY Mellon

“MAKERS” VERSUS “TAKERS” EMERGING WHEN IT COMES TO GENAI

Beyond volume and quality measures, it is particularly interesting to look at what
these patents focus on, particularly when it comes to Generative AI.
Over the past five years, the number of patents filed by Index banks related to
pattern generation (i.e. Deep Learning, Natural Language Processing, Synthetic
Data, and Reinforcement Learning) has surged from 7 percent to 35 percent.
Given our data only runs through the end of 2021, this indicates a progressive
shift in focus towards Generative AI, anticipating the surge in activity and
announcements across 2022–23.

32
 Chapter 3 | Innovation

Assuming this trend continues, the banks filing these patents will arguably be
better able to defend their right to “make” in the field of Generative AI. Other
banks that lack either the expertise—or the intellectual property—in this area,
may be relegated to a “take” strategy, becoming more reliant on external
partners and vendors.
fig 35 patents categorised by tech applications

FIG 34: SHARE OF AI PATENTS CATEGORISED 100%

BY TECHNICAL APPLICATIONS

75%

Share of Technical Use Cases

50%

25%

0%
2015-2021 2016 2017 2018 2019 2020 2021
n=3,732 patent filings Filing Year
from 26 banks Pattern Generation (e.g., NLP, Deep Learning, Pattern Recognition (Regression Analysis, Computing, Classification,
Reinforcement Learning, Synthetic Data) Video & Image Analysis, Data Analytics, Clustering, Blockchain)

However, while patents are a hallmark of a bank’s ability to innovate, they also
represent a time-consuming and costly pursuit. And ultimately, in a field that is
advancing as rapidly as AI, there is an argument here that a bank’s finite capital
and resources may be better spent elsewhere.

Goldman Sachs leads on Ventures activity
If research power and patent power are held in the hands of a few North
American banks, other banks in the Index are focusing their AI innovation
strategy elsewhere:
Χ 49 banks have publicly announced partnerships with technology vendors to
accelerate their digital (and AI) transformation agenda.
Χ 43 banks have publicly announced new products or tools in association with
an AI vendor—such as the AI @ Morgan Stanley Assistant, fuelled by its
partnership with OpenAI.
Χ 37 banks have invested in (or acquired) AI-related start-ups. Goldman Sachs
leads the way here (see FIG 35 below).
Χ 29 banks have announced partnerships with universities, either to co-author
research (where it is too costly to build teams in-house) or to enter into
teaching arrangements (a good means of talent attraction).
Χ 12 banks maintain active AI code repositories on leading open-source
platforms (e.g., GitHub)

Goldman Sachs leads the way when it comes to AI-related ventures, followed by
Citigroup, Morgan Stanley, Capital One and JPMorgan Chase. Collectively the
top 5 account for nearly half of all AI-centric venture activity across the index.

While sometimes a venture investment is just an opportunity to make money, in

many cases these ventures can be more strategic. 17 out of the 50 banks in the
Index have now established in-house incubator teams, where they work with AI
start-ups as a “beta customer” to refine the product offering before the start-up
is ready to scale.

In March, Goldman Sachs spun out the first such startup from its internal
incubator GS Accelerate—Louisa, an AI-powered “LinkedIn on steroids.”
However, very few of these investments result in an acquisition. In fact, Evident
tracks over 1,042 wider tech investments by the banks, and of these there are
only 47 acquisitions.

33
 Chapter 3 | Innovation

fig 36 investments specific to ai tech

FIG 35: TOTAL NUMBER OF VENTURE
30
INVESTMENTS, SPECIFIC TO AI TECHNOLOGY

20

AI Technology
Sep 2020 – Sep 2023
10
n=191 investments
by 37 banks
Note: This data
excludes investments
by Wells Fargo made via 0
Norwest Ventures. Goldman Citigroup Morgan Capital One JPMorgan Wells Fargo BNP ING Groep Standard First
Sachs Stanley Chase Paribas Chartered Citizens

FIG 36: TOP 5 AI COMPANIES ATTRACTING INVESTMENT BY BANKS

COMPANY BACKGROUND LATEST NUMBER OF

ROUND INVESTORS
DETAILS FROM INDEX

Quantexa Quantexa is a global data and analytics software company Founded 2016 9
pioneering Contextual Decision Intelligence that empowers $129M Series E
organisations to make trusted operational decisions by making data $1.8B Valuation
meaningful. Using the latest advancements in big data and AI,
Quantexa's platform uncovers hidden risk and new opportunities by
providing a contextual, connected view of internal and external data
in a single place.

Trovata Trovata makes it easy for businesses to automate cash reporting, Founded 2016 9
forecasting, and analysis. By bridging the gap between banks and $27M Series B
accounting systems, Trovata is helping companies gain powerful
insights into their cash flows that drive better and quicker business
decisions. Today, Trovata is helping companies transform finance
and treasury operations using open banking and machine learning.
With direct APIs with most major banks, new clients can get set up
quickly.

AlphaSense AlphaSense is a market intelligence platform that allows Founded 2011 8

professionals to make critical decisions with confidence and speed. $150M Series E
The company has nearly 2,000 enterprise clients including financial $2.5B Valuation
institutions that use the platform to inform their business decisions.
AlphaSense is trusted by over 1,800 enterprise customers.

H20.ai H2O.ai is an AI cloud company, on a mission to democratise AI for Founded 2011 7

everyone. Customers use the H2O AI Hybrid Cloud platform to $40M Series C
rapidly solve complex business problems and accelerate the $1.7B Valuation
discovery of new ideas. The world’s top 20 Kaggle Grandmasters
(the community of best-in-the-world machine learning practitioners
and data scientists) are employees of H2O.ai. A strong “AI for Good”
ethos to make the world a better place and Responsible AI drive the
company’s purpose.

Socure Socure is a predictive analytics platform for digital identity Founded 2012 7
verification of consumers. Socure's predictive analytics platform $450 Series E
applies artificial intelligence and machine-learning techniques with $4.5B Valuation
trusted online/offline data intelligence from email, phone, address,
IP, device, velocity, and the broader internet to verify identities in
real-time.

34
 Chapter 3 | Innovation
What’s next?
LEARN MORE
Evident tracks this innovation data on a monthly basis to keep a pulse of the
latest AI innovation activity across the sector.

In Q1 2024, we are launching the Evident AI Innovation hub, the definitive home
of our latest innovation data and analysis. Members will be able to:

Χ Dive deeper into the trends and insights explored in this report, as well as
in the Evident AI Innovation Report (published July 2023)
Χ Access live data trackers to keep up to date with the latest talent activity
across the sector
Χ Compare the data of individuals banks against specific peers groups

Get in touch to find out more…

Evident tracks AI Research Papers, Patent Filings, Investments and

Acquisitions across the banks on a monthly basis.

RESEARCH PAPERS CITATION RATES AUTHORSHIP RESEARCH FOCUS

Job Group
18K 100%
100
JPMorgan Chase AI Development
16K

80%
80 14K
Other non-AI
related roles

% of Classified Papers
12K
Total Paper Citations

60%
Paper Volume

60
10K Quant
Royal Bank of Canada

8K 40%
40 Visa Software
Developer
6K

CaixaBank 20%
20 4K
Capital One Model Risk

2K CBA TD Bank
0%
0 Mastercard
2017 2018 2019 2020 2021 2022
2017 2018 2019 2020 2021 2022 0K
Data Engineering
0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 800 Publication Year
Paper Publication Year
Paper Volume Deep Learning Regression Classification Computing
Author Company 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300
Video Analysis Reinforcement Learning Data Analytics Image Analysis
JPMorgan Chase Visa Capital One Wells Fargo Goldman Sachs Company Type Number of AI Authors NLP Clustering Synthetic Data Blockchain
RBC TD Bank Mastercard Intesa Sanpaolo UniCredit Bank Payments

PATENT FILINGS PATENT OWNERSHIP PATENT QUALITY PATENT FOCUS

2200

2000

1400
1400
1800

1200
1200 1600

1400
Days from Filing to Grant

1000 1000
Number of Patents

Number of Patents

1200
800 800

1000
600 600
800

400 400
600

200 200 400

0 0 200
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Bank of Capital One JPMorgan Wells Fargo Toronto- Royal Bank of Morgan Goldman Bank of BNY Mellon
America Chase Dominion Canada Stanley Sachs Montreal
Filing Date 0
Bank Capital One Bank of America Toronto-Dominion Bank JPMorgan Chase Royal Bank of Canada Wells Fargo
US Canada UK North Europe South Europe Rest of World Active Pending Abandoned Unknown

INVESTMENTS ACQUISITIONS Company

PARTNERSHIPS
Indicator Group Indicator Name Pillar
OPEN SOURCE ACTIVITY
Company Filter
Lloyds
Pillar
Innovation
Indicator Name
Number of acquisitions of Tech or Data-focused companies
Multiple values Partnerships All Innovation Repos by bank
9

Number of acquisitions of Tech or Data-focused companies 8

1400 7
Evidence of Digital
Evidence of AI Vendor Evidence of Academic 7
Transformation
1200 6 partnership partnership on AI
partnership
6
1000 5
Number of Repositories
Number of Patents

CaixaBank 5
4
800

3
Danske Bank
4
600

2 Barclays
400 3

1 BNP Paribas
200 2
0
HSBC
JPMorgan Chase
Goldman Sachs
BNP Paribas

State Street
Truist Bank
Deutsche Bank
Groupe BPCE

PNC Financial Services

TD Bank
ANZ
BNY Mellon
Morgan Stanley

Citizens Bank
First Citizens
RBC
Société Générale
US Bank
Westpac
ABN AMRO
Bank of America
Bank of Montreal

Wells Fargo
Barclays
BBVA
CaixaBank
Capital One
Charles Schwab
CIBC
Citigroup
CommBank
Commerzbank
Crédit Agricole
Crédit Mutuel
Danske Bank
DBS
HSBC
ING Groep
Intesa Sanpaolo
KBC Group

0
Lloyds
NAB
NatWest
Nordea
Rabobank
Raiffeisen
Scotiabank
Standard Chartered
UBS
UniCredit
Santander

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1
PNC Financial
Filing Date
Services
US Canada UK North Europe South Europe Rest of World 0
Capital One

JPMorgan Chase

BBVA

ING Groep

PayPal

TD Bank

Société Générale

RBC

Mastercard

HSBC

Goldman Sachs

Crédit Mutuel

Barclays

Top 10 Outside Top 10 Target

35
 Chapter 3 | Innovation
What should we do?
ACTION ITEMS & NEXT STEPS

NOW Χ Identify the biggest research contributors in your organisation.

(TACTICAL)
Χ Confirm their public profiles (extending to Google Scholar and Industry Conferences)
successfully affiliate them with the bank, in addition to the academic institutions and
industry working groups they represent.

NEXT
QUARTER Χ Catalogue ongoing AI research being conducted throughout the organisation to gauge
whether or not it is expected to expand or contract next year.

Χ Audit patent pipeline to ensure the ratio of pending to active awards is neutral to net
positive—providing a leading indicator of a bank’s active pursuit and expansion of new
intellectual property over time.

NEXT
YEAR Χ Explore the viability of Centres of Excellence to revitalise research efforts that have
(STRATEGIC) remained flat amidst a surge in AI-specific output from the industry.

Χ Explore the viability of in-house incubators (see GS Accelerate) to close the gap with
investment benchmarks set by the wider industry, specifically with regards to AI-centric
companies.

36
 Chapter 4 | Leadership
AI at scale requires top-down leadership
AI transformation requires the mobilisation of a wide range of stakeholders—
ranging from employees, to investors, to customers. It requires individuals at
the top of the organisation to understand the transformational power of AI, and
be willing to invest in the long-term future of the company. It requires a clear
articulation of the bank’s ambitions, goals, and targets with respect to AI—as
well as consistent and clear communications to align both internal and external
stakeholders on the current strategy.

HOW WE MEASURE LEADERSHIP

This Pillar measures the AI focus of the bank’s leadership, expressed through
the company’s overarching AI narrative, composition of the Executive
Leadership team, and external communications from select C-Level
Executives. It has two components:

Χ AI Narrative
The bank’s group-level AI narrative across owned media channels (press
releases, blogs, investor relations materials) as well as earned media (top tier
press). Includes an assessment of “voice” (how loudly the bank talks about AI)
versus the “substance” (what is actually being said).

Χ Executive Positioning
The composition of the bank’s Executive Leadership team, and focus on AI
found in external communications. Includes an assessment of the CEO, CIO,
and/or CTO’s discussion of AI in external media, as a review of remuneration
measures attached to technology, data, or AI targets.

37
 Chapter 4 | Leadership
The Results
FIG 37: TOP 10 PERFORMING BANKS IN LEADERSHIP PILLAR

LEADERSHIP PILLAR
Executive
Bank Top-10 AI Narrative Positioning
DBS 1 1 1

JPMorgan Chase 2 3 2

CommBank 3 7 3

BNP Paribas 4 2 35

Royal Bank of Canada 5 6 8

CaixaBank 6 9 10

Bank of America 7 17 5

Capital One 8 5 21

Intesa Sanpaolo 9 11 11

Deutsche Bank 10 8 18

In contrast to the Talent and Innovation pillars, which tend to be dominated by

the larger banks based in North America, the Leadership pillar sees a more
varied group rise to the top. Six of the top 10 banks are from other regions, four
represent new (smaller) entrants to the Index, and two—DBS and
CommBank—provide new insights into the top performers from the Asia-
Pacific cohort.

DBS: A CASE STUDY IN AI LEADERSHIP

Within Leadership, most banks exhibit oscillating performance across each
sub-pillar (Voice, Substance, CEO, and Group Leadership), but DBS is
consistent—ranking in the top 3 banks in each area.

In terms of AI Narrative:
Χ AI is clearly communicated as a strategic priority for the bank across a wide
range of strategic documents (such as annual reports, earnings calls, and
investor days).
Χ The total number of AI use cases in production, as well as their financial
impact, is consistently communicated and tracked over time.
Χ The bank’s AI activities are explained in detail across the bank’s dedicated
AI landing page, technology blog, press release newsroom, and social media
channels.

Meanwhile, in terms of Executive Positioning:

Χ CEO Piyush Gupta, consistently—and clearly—spearheads the bank’s AI
agenda in his engagement with external media, and is one of only four CEOs
in the Index whose remuneration is tied directly to the bank’s current AI
targets.
Χ CIO Jimmy Ng, a member of the bank’s Group Management Committee,
regularly explains his team’s work on AI in both external media and at
leading tech conferences (e.g., Huawei’s FSI Summit).
Χ Additional spokesmen, such as Sameer Gupta (Chief Analytics Officer) and
Petri Tuomola (Head of Data Technology), are recruited to highlight
specific use cases and expected outcomes during Investor Day
presentations posted to the bank’s YouTube channel.

The one area of the Leadership pillar where DBS struggles to compete with its
larger North American peers is when it comes to their presence in “earned
media” (i.e., media coverage by a news publisher that was not paid or
sponsored by the bank).

38

FIG 38: GROWTH IN EXTERNAL MEDIA
ARTICLES FOCUSED ON AI & BANKING, BY
BANK
Sep 2021 – Sep 2023
n=8,771 news articles
39
Chapter 4 | Leadership
FOUR BANKS NOW CONTROL HALF OF THE MEDIA CONVERSATION
Over the past 24 months, 9,000 news articles were published referencing the
Index banks in the context of AI. To put that in perspective, the number of
newsprint stories originating from 60+ global media outlets on this subject has
more than tripled in the last 12 months, as compared to the year before. Banks
are now seeing more “on-the-record” coverage on their AI activities than ever
before. Most have seen that coverage double—and a fifth of banks have seen
their AI coverage increase 5x over the past two years.
However, the rising tide on this viral topic does not lift all boats. Collectively,
four banks (Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Bank of
America) were featured in 57 percent of all articles related to AI and banking
published in the last year (up from 40 percent).
fig 39 growth in external media articles
10,000 Goldman Sachs
JPMorgan Chase
Morgan Stanley
7,500 Bank of America
Citigroup
UBS Group
Wells Fargo
5,000
HSBC
Barclays
Deutsche Bank
2,500
Other
0
January 2022 July 2022 January 2023 July 2023
The outsized influence of these four banks across major media outlets is largely
a result of their equity research prowess. They have the content, distribution
apparatus, and personnel to be quoted more frequently as subject matter
experts with an opinion on emerging AI trends.
Given the media power of these larger banks, many smaller players—including
DBS—are unable to compete when it comes to “share of voice” measured
across top-tier media outlets. And while earned media plays an important role in
communicating narrative, arguably if “AI maturity” is what we are trying to
assess, we need to focus more closely on what banks are saying about their AI
activities versus how loudly they are saying it.
FOUR BANKS—JPMC, DBS, SOCGEN, AND BNP—EXCEL ON AI NARRATIVE
The most important documents in a communications leader’s arsenal are the
bank’s investor relations (IR) documents. These provide a direct line to their
investors, clients, and a wide range of other external stakeholders.
Furthermore, they represent the single, most accessible expression of a bank’s
ongoing activities. Accordingly, if we want to assess a bank’s AI maturity as
reflected through its external communications, this is the best place to start.
When Evident examines a bank’s basket of core strategic documents—
including the most recent Shareholder Letter, strategy section of the most
recent Annual Report, Investor Days held over the last 24 months, Earning Calls
from the last four quarters, and strategy sections of the bank’s group-level
website—we discover widespread non-conformity across the 50 banks in the
Index.
Χ 11 banks make no reference to AI… across any of their investor relations
material.
Χ 38 banks reference AI in the context of the bank’s ongoing activities—but
only 23 do so with any level of specificity or reference to distinct AI
initiatives.
Χ Only 4 banks explicitly reference AI as a strategy priority for the bank, with
a detailed description of at least one use case and its expected outcomes.
This rarefied group includes JPMorgan Chase, DBS, Société Générale, and
BNP Paribas.
 Chapter 4 | Leadership
fig 40 assignment of AI mentions

FIG 39: ASSESSMENT OF AI MENTIONS Level 4

IN STRATEGIC DOCUMENTS AI explicitly mentioned as a key strategic priority 8%
with description of use cases and outcomes
Level 3
Reference made to a specific AI initiative 38%
or ROI within the bank

Level 2
30%
AI mentioned in relation to the bank

Level 1
2%
Any mention of AI in a general sense

Level 0
No explicit mentions of AI across investor 22%
relations documents reviewed

0% 10% 20% 30% 40%

Nov 2023

FIG 40: SELECT EXAMPLES OF BEST-IN-CLASS REPORTING OF USES CASES & EXPECTED OUTCOMES

JPMorgan Chase 2022 Complete Annual We already have more than 300 AI use cases in production today for risk, prospecting, marketing, customer
Report experience and fraud prevention, and AI runs throughout our payments processing and money movement
systems across the globe.
2023 Investor Day

We currently have over 1,000 people involved in data management, more than 900 data scientists (AI and
machine learning (ML) experts who create new models) and 600 ML engineers (who write the code to put
Creating models in production).
Possibility
Annual We also have a 200-person, top-notch AI research group looking at the hardest problems and new frontiers
Report in finance. We take the responsible use of AI very seriously and have an interdisciplinary team of ethicists
helping us prevent unintended misuse, anticipate regulation, and promote trust with our clients, customers
2022 and communities.

We continue to lead the industry in data and AI and are ahead of plan on the commitment we made last year
to realise $1 billion in business value.

DBS Bank Annual Report 2022 While DBS was ahead of the curve in transforming digitally, we recognize that digitisation has become table
stakes at most banks. However, there are three areas in which we have invested that continue to be
differentiating.

The first is the industrialisation of artificial intelligence (AI) / machine learning (ML) and data analytics
usage across the bank. Our 260 use cases span customer-facing banking, and support functioning including
Legal and Compliance, and Human Resources.

For example, DBS sends 45 million hyper-personalised nudges each month to customers across the region
with suggestions on how to make their money work harder. In the SME space, AI/ML is used to provide
businesses with early warning signals of potential credit stress. In 2022, the revenue uplift from our AI/ML
initiatives was about SGD 150 million, more than double that from the previous year.

Société Générale Strategy / Innovation & Harnessing the full potential of Data and Artificial Intelligence allows us to offer an increasingly
Digital personalised, seamless and secure customer experience. Since 2014, Société Générale has been
continuously and strongly investing in this area while ensuring the security and the protection of all the data
we hold. Each day, over a thousand experts are working on designing more responsive and efficient services.

As of 2022, the Group’s portfolio has around 340 Data and AI Use Cases (UCs) in production, of which 170
are AI-based, all working to best apply our strategy with an expected value creation of €500 million.

This publication gives you the opportunity to discover 16 of our most emblematic UCs. Our aim is to continue
to accelerate the deployment of Data and AI within the Group, capitalising on our expertise for the benefit of
our 25 million customers around the world.

BNP Paribas 2022 Integrated Report Technology: We are focusing our financial and human efforts on an operational model that provides
standardised, pooled, and interoperable IT services and platforms to ensure the best possible protection
Q2 2023 Earning Call against cyber risk for our Group and our customers.

To that end, we extend the use of artificial intelligence, data, and robotisation to reach 1,000 operational use
cases by 2025, compared to 270 in 2022.

More than 700 use cases have been rolled out… we have also identified 100 use cases for generative
artificial intelligent experiments where large language models were used—for example, ChatGPT or Bard.

40
 Chapter 4 | Leadership

DBS AND COMMBANK JOIN JPMORGAN CHASE IN BEST-IN-CLASS

EXECUTIVE POSITIONING
But strong AI Leadership is about more than a bank’s communications
materials. It is about the leaders themselves.

Transforming a traditional bank into an “AI-first” bank starts with a vision of

what it means to be a bank and how it should serve its customers. This is
followed by rewiring and transforming the bank’s legacy operations. While AI
may be led day-to-day out of the CIO function, it needs to stay at the top of the
CEO agenda—ensuring broad visibility and signalling continuing prioritisation
to all members of the Executive Team and the wider Board of Directors.

Furthermore, as organisations report a stock price bump based on perceived

affinity with AI, senior leaders that aren’t as well-versed in the bank’s AI
activities may feel under pressure to engage more frequently and in greater
detail on this topic than ever before.

Leading banks in Executive Positioning are characterised by:

Χ An active CEO and CIO (or CTO) that coordinate to drive and reinforce the
bank’s AI agenda across both internal and external channels.
Χ Appointment of additional AI leadership roles on the Executive Team (see
JPMorgan Chase’s appointment of Teresa Heisenrether as CDAO on the
Operating Committee—a 20-year veteran of the bank steeped in the
operational knowledge of the business, not just the technology).
Χ CEO remuneration tied to AI- or data-centric initiatives (see Page 87 of
ING’s annual report for a detailed breakdown on CEO Steven van Rijswijk’s
current Strategy targets).
Χ Expanding AI expertise at the board level, a valuable asset that less than a
third of banks currently demonstrate.

Most crucially, effective leaders mobilise people to get behind a common

agenda—but current efforts to coordinate messaging appear limited:
Χ Only 23 bank CEOs have discussed AI in external media channels over the
past year.
Χ Of these, only 6 have spoken with any degree of specificity about the AI
initiatives underway in their organisation.
Χ Only 25 bank CIOs (or CTOs) have discussed AI with external media
channels over the past three years.
Χ Of these, only 11 have spoken with any degree of specificity about the AI
initiatives underway in their organisation.
fig 42 AI mentions by senior leadership
FIG 41: ASSESSMENT OF AI MENTIONS BY
SENIOR LEADERSHIP IN EXTERNAL MEDIA
Level 3: 12%
Mention of specific AI initiative
at the bank.

Level 2: 16%
Any mention of AI in relation to
the bank. 24%

Level 1: 18%
Any mention of AI.

Level 0: 54%
No mention of AI on record.

0% 20% 40% 60%

Nov 2023 CEO CIO (or CTO)

To date, only 13 banks have leveraged both members of the Executive Team in
tandem (CEO + CIO/CTO) to reach a wider audience with their message—and
only DBS and JPMorgan Chase demonstrate an ability to employ multiple
leaders working from the same set of talking points. Not coincidentally, both
these banks are among that privileged set featuring a clearly defined AI
strategy coupled with disclosures of active use cases—demonstrating the
interplay between ”volume” (how loudly the bank talks about AI) and
“substance” (what is actually being said).

41
 Chapter 4 | Leadership
What’s next?
LEARN MORE
Evident tracks much of this leadership data on a monthly basis to keep a pulse
of the latest AI talent activity across the sector.

In Q2 2024, we are launching the Evident AI Leadership hub, the definitive

home of our latest innovation data and analysis. Members will be able to:

Χ Dive deeper into the trends and insights explored in this report, as well as
in the Evident AI Leadership Report (published October 2023)
Χ Access live data trackers to keep up to date with the latest talent activity
across the sector
Χ Compare the data of individuals banks against specific peers groups

Get in touch to find out more…

Evident tracks Media Mentions, Press Releases, and LinkedIn Posts

on a monthly basis

OWNED MEDIA CHANNELS EARNED MEDIA CHANNELS LINKEDIN ACTIVITY

Fig 1.9
Fig 05 Fig 2.4

CommBank
Goldman Sachs 50
13.2%
The Economist Morgan Stanley
n=4 articles
JPMorgan Chase
40
HSBC
Reuters

AI-specific Posts in a Given Month

DBS Bank
Other n=36 articles UBS Group
11.6%
40.2% 30
Bank of America
Financial Times
n=88 articles Citigroup

Deutsche Bank 20
CaixaBank Bloomberg News Barclays
n=55 articles
10.2%
Other
10
NatWest Morgan Stanley The Wall Street Journal
1.6% 5.9% n=31 articles
Bank of Montreal Intesa Sanpaolo
2.2% 5.7% 0
TD Bank Bank of America 0% 25% 50% 75% 100% November 2022 January 2023 March 2023 May 2023 July 2023
4.3% 5.1%
Comparative Share of Voice by Media Outlet Bank CEO CTO/CIO

SHARE OF VOICE EXECUTIVE POSITIONING TEAM STRUCTURE

Fig 18

10000
Jamie Dimon (JPMorgan Chase)
Fig 21 Total Linkedin Profiles Surfaced

Level 1: 6,000 5,600

Any Mention of AI
7500 Level 2:
Mentions of AI in Relation to Bank
CEO Level 3:
Average Reactions Per Post

(n=20) Mention of Specific AI Initiatives

4,000 3,700
David Solomon (Goldman Sachs)
5000

Jane Fraser (Citigroup) CTO/CIO 2,000 1,600

Philippe Brassac (Crédit Agricole) (n=23)
2500 Sergio Ermotti (UBS Group)
C.S. Venkatakrishnan (Barclays)
Robin Vince (BNY Mellon) 69
Piyush Gupta (DBS Bank)
David McKay (RBC) 0
Walter Bettinger (Charles Schwab) 0% 25% 50% 75% 100% CIO CTO CDO CDAO
Shayne Elliott (ANZ)
0
0.0 0.5 1.0 1.5 2.0

Average Posts Per Week

STRATEGY DOC REVIEW TRANSCRIPT ANALYSIS SENTIMENT ANALYSIS

Fig 14

60% Level 4:
AI mentioned as key strategic priority,
including use cases

Level 3:
Reference made to specific AI initiative or
ROI at the bank
40% Level 2:
AI mentioned in relation to the bank

Level 1:
Any general mention of AI

20%

0%
Annual Report Investor Day / Shareholder Letter Corporate Strategy
n=45 Earnings Transcripts n=46 Overview on Website
n=33 n=34

42
 Chapter 4 | Leadership
What should we do?
ACTION ITEMS & NEXT STEPS

NOW Χ Audit the most recent set of strategic documents (including Shareholder Letter, strategy
(TACTICAL) section of Annual Report, Investor Days held in the past 24 months, Earning Calls from the
last four consecutive quarters, and strategy sections of group-level website) and extract all
references to Artificial Intelligence and related terms.

Χ Compare consistency, specificity, and urgency of articulated strategy and supporting use
cases against the exemplar banks profiled in this report.

NEXT
QUARTER Χ Based on your starting point, define a proactive communications strategy that anticipates
common questions from investors, customers, regulators, and equity analysts:
Ѐ How does your AI strategy different from the immediate competition?
Ѐ How much is your bank investing in AI?
Ѐ What return on investment are you seeing from these projects?

Χ Define a routing and prioritisation system for inbound media requests to ensure the right
leader from the Executive Team receives first-right of refusal for their native area of domain
expertise, based on the sample questions and audience demographics of the requesting
media publications.

NEXT Χ Review reporting structure, succession planning, and Executive Committee appointments
YEAR for ascendent roles in the organisation, including: Chief Data Officer (CDO), Chief Data &
(STRATEGIC)
Analytics Officer (CDAO), and Chief AI Officer (CAIO).

43
 Chapter 4 | Leadership

AI at scale requires rigorous focus on responsibility and ethics

Over the last year, AI activities have accelerated across the sector. In response,
the public spotlight on AI—as well as the risks posed by AI—has never been in
sharper focus.

Banks—as with other sectors—are under more pressure than ever to ensure
that they are adopting AI responsibly. Of course, banks are highly regulated,
with strictly defined guardrails as to how they should operate and
communicate. There are many existing layers of risk management and
governance, as well as specialists within banks that are minimising risks for
customers. Arguably, the banks are ahead of other sectors in terms of their
internal Responsible AI efforts (although this is something we cannot, and
would not, try to assess with an “outside-in” approach).

As awareness of AI’s societal impacts accelerates, banks need to ensure they

are not only complying with AI regulations, but also communicating their RAI
activities to a broader group of stakeholders—such as shareholders,
consumers, and employees—who are more aware of AI’s risks than ever before,
and increasingly expect companies to state how they are deploying each new
wave of AI innovations.

Whilst there has been progress from practitioners in the AI space to drive
ethical standards internally, a crucial element for banks in developing
trustworthy AI is communicating their activities to a wider external audience.

HOW WE MEASURE TRANSPARENCY

The Transparency pillar measures to what extent banks are publicly
communicating their approaches to responsible AI, such as through the
publication of thought leadership, establishment of key partnerships, hiring of
dedicated RAI talent, and promotion of established RAI principles. It has three
primary components—mirroring the structure of the wider methodology
reviewed so far:

Χ RAI Talent:
The presence and scale of internal RAI talent, as well as AI specialists posted
across the front lines of defence (including Audit, Legal, and Compliance).

Χ RAI Innovation:
Evidence and assessment of established RAI partnerships, engagement with
policy makers, executive training, and/or adaptation of risk management
frameworks; tangible outputs in the form of patents, investments, and research
output.

Χ RAI Leadership:
The extent to which banks are publicly communicating a wide range of RAI
activities, such as through the publication and promotion of a consistent set of
ethical principles.

44
 Chapter 5 | Transparency

THE RESULTS | TRANSPARENCY

FIG 42: TOP 10 PERFORMING BANKS

IN TRANSPARENCY PILLAR

TALENT PILLAR

Bank Top-10 RAI Talent RAI Innovation RAI Leadership

JPMorgan Chase 1 1 2 3

Royal Bank of Canada 2 12 7 1

Scotiabank 3 4 4 6

CommBank 4 8 14 1

Capital One 5 2 9 20

HSBC 6 13 16 4

NAB 7 6 33 4

BNY Mellon 8 9 13 14

NatWest 9 28 7 9

Wells Fargo 10 16 6 20

JPMorgan Chase leads the way in the Transparency pillar, demonstrating

unrivalled consistency across all three sub-pillars: RAI Talent, RAI Innovation,
and RAI Leadership.

Two Canadian banks follow closely behind—Royal Bank of Canada and

Scotiabank. As we have noted before, Transparency is a particular area of
Canadian strength due, in part, to the way the country as a whole facilitates a
lively AI ethics conversation. HSBC retains its position as the leading bank in
Europe.

In a similar vein to the Leadership pillar, the Transparency pillar sees a wealth of
new, smaller banks enter the rankings, including: Scotiabank, CommBank,
Capital One, NAB, and BNY Mellon. This open playing field serves as a marker
for the long-term underinvestment in Transparency by some of the larger
banks.

Many investment banks fall significantly further down the rankings. In the past,
the argument might have been that, unlike retail banks, these banks don’t need
to publicise their Responsible AI activity. However, given the pace of
acceleration—and heightened awareness of risks over the last year, we expect
all banks to increase the visibility of their RAI efforts in the coming years.

What are leading banks doing in this area?

Χ Talent: Hiring dedicated RAI talent to spearhead and coordinate the bank’s
RAI agenda.
Χ Innovation: Advancing the field of RAI—by publishing research or
establishing partnerships with leading academic players.
Χ Leadership: Cementing their responsible AI narrative at the heart of the
bank’s communications agenda.

Banks are also doubling down on communications around how they are
adapting existing risk management processes to account for AI risks and—in
some instances—establishing dedicated AI ethics committees. Something
we’ll explore in more detail in our upcoming Responsible AI Report.

We’ll focus on each in turn.

45
 Chapter 5 | Transparency

1. RAI TALENT

Leading banks have created dedicated roles to drive their Responsible AI

agenda.

AI poses many risks, and of course requires dedicated AI expertise embedded

within the existing lines of defence (such as within legal, compliance and audit
teams).

However, in addition, leading banks have hired dedicated employees with clear
accountability and specialist expertise in AI ethics and AI risk to spearhead
company-wide Responsible AI programmes.

Between May 2023 and Sep 2023, the number of individuals working in
specialist RAI roles—such as AI Ethics, Data Ethics, Responsible AI, or AI
Governance—grew from 80 to 114 total headcount (+43 percent growth)
across the banks. In fact, AI Ethicist, Data Ethics, and Responsible AI were
three of the Top 10 job roles with the largest proportional increase in headcount
over the last six months (albeit off a small base).

This data provides reassuring signs that banks are increasing their focus in this
area.
fig 46 top roles expanding at banks

FIG 43: TOP-10 ROLES EXPANDING AT BANKS, Generative AI 227%

BY RELATIVE % INCREASE
Distinguished Engineer 205%

AI Ethicist 133%

AI Product Manager 66%

Data Ethics 59%

Automation Engineer 48%

Responsible AI 47%

NLP Data Scientist 40%

Decision Scientist 38%

Cloud Developer 37%

0% 50% 100% 150% 200% 250%

May 2023 vs. Sep 2023 AI Development Model Risk Data Engineering Implementation Responsible AI

But the focus in this space is uneven. We still find no evidence of RAI Talent at
17 banks in the Index.

Conversely, while more than 30 banks in the Index now employ at least one
individual with a remit specific to Responsible AI, 10 banks dominate—
accounting for more than two-thirds of all dedicated RAI Talent in our sample.

Standard Chartered leads the way in terms of its overall number of individuals
working in this field—with a team of 12. Some of these roles sit within the
Group Data Office, whilst others sit within Group Control, Financial Crime and
Compliance (CFCC). The bank has consistently made news with its Framework
Responsible for Intelligence Data and Algorithm Yield (FRIDAY), an in-house
engine used to perform various tasks on unstructured and semi-structured
data.

A recent job description for Director, Responsible AI & Data Ethics asks for
experience in data privacy, quality and security, but also technical experience in
data science and model risk management. This shows how Standard Chartered
recognises the importance of carving out a function that coordinates across AI
and data risk management—“the ultimate purpose of this role…” says the
description, is to “...enable the Group to safely use AI, at scale, in a competitive
landscape.”

46
 Chapter 5 | Transparency

However, there is no “one-size-fits-all” approach. Some banks choose to

embed capabilities within Data Ethics teams, others carve out designated
Responsible AI positions. And, at some banks, they may not hire RAI specialists
at all, instead choosing to diffuse this across AI teams more broadly.
fig 47 composition capability

FIG 44: COMPOSITION OF RAI TALENT AI Ethics

7.9%
CAPABILITY, BY ROLE TYPE

Responsible AI
21.1%

Data Ethics
47.4%

AI Governance
23.7%

September 2023, n=114 LinkedIn profiles

Regardless of the exact approach a bank takes, RAI activities need to be

coordinated—and championed—by employees with accountability and
specialist expertise. As the pace of AI activities accelerate across the banks,
this will only become more important.

2. RAI INNOVATION

Leading banks are establishing RAI partnerships, publishing research and

making this visible to external stakeholders

As well as establishing their own RAI programmes, many leading banks in the
Index are actively investing in driving forward the field of responsible AI, either
through the publication of AI research or by establishing partnerships with
major academic institutions.

20 banks have established—and made visible—partnerships related to

Responsible AI. Among these, CaixaBank demonstrates a steady drumbeat of
recent announcements. In April, the bank announced a partnership with 16
European companies to launch the GREEN.DAT.AI research consortium, which
aims to improve the energy sustainability of AI and minimise potential bias
modelling and training of AI models. In July, CaixaBank teamed up with BBVA
and Santander to establish a new joint venture (FrauDfense) that will facilitate
information sharing that enables a joint response to suspected instances of
fraud and financial crimes.

Meanwhile, HSBC’s UK-leading RAI efforts are reflected in their partnership

with The Alan Turing Institute on the FAIR project. This project “brings together
academia and industry to advance research and develop practical and scalable
solutions needed to fully realise the transformational benefits of responsible
adoption of AI across the financial services industry.” Some promising outputs
in the project pipeline include a digital sandbox environment, an actionable
framework for safe AI and industry wide standards.

In addition, 16 out of the 50 banks have published original research related to

Responsible AI on Google Scholar. Five banks (JPMorgan Chase, Wells Fargo,
Intesa Sanpaolo, Capital One, and TD Bank) are responsible for 80 percent of
these papers.

Royal Bank of Canada publishes technical and in-depth research in a detailed

blog format, while Capital One also provides a more short form hub for its
cutting edge AI research, alongside its more academic research paper output.

This approach serves to increase the visibility of the bank’s research in this
space, and makes it accessible to a wide range of audiences (prospective
talent, existing employees, and the public).

47
 Chapter 5 | Transparency

FIG 45: RECENT CONTRIBUTIONS TO RAI BANK NOVEL DESCRIPTION

RESEARCH BY LEADING BANKS CONTRIBUTION

JPMorgan Chase CLEAR “aims to generate counterfactual explanations on graphs for

graph-level prediction models”

Wells Fargo PiML “an integrated and open-access Python toolbox for
interpretable machine learning model development and model
diagnostics.”

Capital One MelodyUI “an interactive visual analytics system to demonstrate how
the explanation summary connects the dots in various XAI
task”

3. RAI LEADERSHIP

CommBank and RBC lead the way in embedding RAI In the bank’s external
AI narrative

In addition to reviewing banks’ investments into RAI talent and innovation, it’s
important to gauge the degree to which banks are incorporating RAI into the
group’s wider AI narrative.

CommBank and RBC lead the way here—both score maximum points on all
areas of this pillar—followed by JPMorgan Chase, NAB, and HSBC.

Best-in-class banks for AI Leadership are characterised by:

Χ Strong RAI Narrative: there is a clear focus on Responsible AI across the
bank’s group website and core strategic documents (such as annual report and
IR materials).
Χ Publication of RAI principles: the bank has published a set of ethical
principles that govern the bank’s AI activity.
Χ Senior Leadership focus: senior leaders at the bank reiterate the
importance of RAI, and detail the specific initiatives underway at the bank.

We’ll briefly explore each of these in turn.

1. STRONG RAI NARRATIVE

Evident examined three common ways that banks promote their commitment
to transparency— through group website pages, strategic documents (most
recent Annual Report and ESG / Sustainability / Impact Report, where
available), and interviews with senior leadership in external media.
fig 49 share of banks
FIG 46: SHARE OF BANKS REFERENCING RAI, 100%
BY CHANNEL
86%
75%

60%
50%
52%

34%
25%

0%
RAI Mentioned on Website RAI Mentioned in Strategic RAI Mentioned in External Media All of the Above
Nov 2023, n=50 banks Documents Interviews

Whilst almost all banks (96 percent) are doing something across at least one of
these three channels, we see evidence that only 17 banks coordinate messaging
across all three.

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 Chapter 5 | Transparency

2. PUBLICATION OF RAI PRINCIPLES

16 out of the 50 banks in the Index have alluded to the existence of RAI
principles at the bank in the last few years. Yet only 6 banks (CommBank,
Danske, Bank, HSBC, NAB, Royal Bank of Canada, and Scotiabank) have
published an explicit document or webpage disclosing and explaining those
principles—an established strategy for gaining stakeholder trust in adjacent
sectors (see Google AI’s Principles).

FIG 47: SELECT EXAMPLES OF RAI PRINCIPLES FROM LEADING BANKS

COMMBANK
AI POLICY
Group Artificial Intelligence Policy

Purpose and scope

Purpose The Group Artificial Intelligence Policy (Policy) establishes the principles and
compliance approach that apply to the design, development, deployment and
use of AI Systems. Artificial Intelligence (AI) is developing rapidly. Appropriate
use of AI will help the Group to achieve its purpose of building a brighter future
for all. Failure to govern and manage AI Systems effectively may lead to
incorrect decision-making, compliance failures, poor customer outcomes with
consequent reputational damage, financial loss, fines and/or penalties for the
Group.

This Policy may apply in conjunction with the Group Model Risk Policy where
the AI System is also a Model and the Group Supplier Lifecycle Policy where
the AI System is sourced from a supplier.

Scope This Policy applies to the Group, its Directors, Employees, Contractors and
Secondees when designing, developing, deploying or using AI Systems,
including those AI Systems sourced from suppliers or used by suppliers to
deliver services to the Group as well as AI Systems developed by the Group.
For those parts of the Group that are impacted by foreign or local laws,
regulatory requirements or contractual obligations that conflict with this Policy,
the more stringent requirement applies.

SCOTIABANK
DATA ETHICS COMMITMENT
Policy statement

Compliance with this Policy minimises unwanted consequences from

inadequate or inappropriate adoption, use and management of AI in business
processes by the Group or by third parties it procures from or relies upon and
ensures alignment with the Group risk appetite.

NAB
DATA ETHICS PRINCIPLES

Group Artificial Intelligence Policy 1 | Commonwealth Bank of Australia

Effective: 31 March 2024 (Printed versions are uncontrolled. The current version of this document is on Policy.CBA)

49
 Chapter 5 | Transparency

While a Statement of Principles is the least widely adopted mechanism to

signal leadership on this topic, it may prove the most impactful—not only with
customers, but with respect to amplifying the bank’s RAI narrative across
external media.

3. SENIOR LEADERSHIP FOCUS ON RAI

At 23 banks in the Index, we found evidence of a Senior Leader discussing
Responsible AI—at least in broad terms—as part of their interviews with
external media. However, only a third of banks (35 percent) had an instance
where they shared specific details about an initiative designed to manage risk
and/or implement ethical AI standards.
fig 51 assessment of rai
FIG 48: ASSESSMENT OF RAI MENTIONS BY
SENIOR LEADERS AT BANKS

0% 25% 50% 75% 100%

Share of Banks by Max Assessment Level

2021–2023 Level 1 = Broad mentions of RAI Level 2 = Mentions of RAI in the context of the bank
n=23 banks Level 3 = Mentions of RAI with discussion of specific initiative at the bank

Looking ahead to wider bank engagement on public policy

Between the White House’s recent Executive Order and the Global AI Safety
Summit, public bodies around the world are in the midst of defining their AI
regulations. Their approaches vary. For example, the Bank of England has been
exploring principle-based guidance for regulation, whilst the Monetary
Authority of Singapore has been working on a more granular and prescriptive
framework that can be applied to specific use cases.

Many banks are actively working to influence policy in this space (see FIG 49).
Whilst this often happens behind closed doors, responses to regulators are now
part of the public record (see Morgan Stanley’s recent response to the SEC on
regulating the use of AI in financial advising).

While this isn’t currently measured in the Index, this is something we are
tracking closely and expect banks to make more visible going forward.

FIG 49: PROFILE OF REGIONAL POLICY POLICY INITIATIVE WHAT IT DOES WHEN BANKS INVOLVED
INITIATIVES & BANK INVOLVEMENT
Veritas Cocreation of open source toolkit to 2018–2023 BNY Mellon, DBS,
(Monetary Authority strengthen ethics and internal HSBC (Standard
of Singapore) governance of AI at financial Chartered, BNP
institutions Paribas, Goldman
Sachs, Citi)

FIFAI AI thought leader forum on 2023 BMO, CIBC, TD Bank,

(Office of the establishing appropriate safeguards RBC, Scotiabank
Superintendent of and management of risk in financial
Financial Institutions, services
Canada)

AIPPF Share information and understand 2020–2023 Capital One, NAB,

(Bank of England and the practical challenges of using AI RBC
FCA) within financial services, as well as
the barriers to deployment and
potential risks. Companies invited to
respond to discussion papers

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 Chapter 5 | Transparency
What’s next?
LEARN MORE
The Evident Responsible AI Report (Q1 2024) is the definitive home of all our
ongoing analysis of data underpinning the Transparency pillar. This
complementary product helps customers dive deeper into the trends and
insights highlighted in this Key Findings Report.

RESPONSIBLE AI

Evident Responsible AI Report

The proliferation of Generative AI tools has led to a growing

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awareness of the benefits and risks AI poses for the world.
Banks face growing pressure to explain the approaches

Responsible AI
they are taking to ensure the equitable and fair deployment

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of AI in their business. This report explores the latest
responsible and ethical AI activity across the banking
sector, with an in-depth assessment of each bank’s
approach.

2023/12
Find out more

ACTION ITEMS & NEXT STEPS

NOW Review public statements of policies, commitments, or principles specific to

(TACTICAL) Responsible AI and Data Ethics on-file from leading banks, including: CommBank,
Danske Bank, HSBC, NAB, Royal Bank of Canada, Scotiabank.

Establish at least one dedicated RAI champion that cuts across the business and has
direct reporting lines to Risk Committee and/or the CTO, whilst individual ethical
product owners are embedded in AI development teams, with a “red telephone” to
RAI leaders.

NEXT Based on the banks starting point, define a proactive communications strategy that
QUARTER anticipates common questions from investors, customers, regulators, and equity
analysts:

How do you ensure growing use cases for AI in banking adhere to a common set of
safeguard with respect to privacy, security, responsibility, and ethical standards?

Are you hiring dedicated staff to proactively address this issue, thereby sidestepping
common pitfalls experienced in adjacent industries (e.g., content moderation issues
experienced by social media platforms)?

What is the bank’s risk exposure to various regulatory frameworks being advanced
by both the United States and European Union?

NEXT Audit existing RAI talent, considering relevant operating model templates and
YEAR channels of accountability for managing AI ethics and risk. For example:
(STRATEGIC)
Do you have a cross business RAI lead with enough executive buy-in?

Are there “ethical product owners” embedded in individual AI development teams

with recourse to group-wide RAI lead?

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