JPMorgan Chase is leading the charge in quantum computing among global banks, significantly outpacing competitors in hiring, research, and investment, according to a report by benchmarking platform Evident.

Nearly 80% of the 50 major banks tracked by Evident are now engaging with quantum technology, recognizing its potential to create an estimated $622 billion in value for the financial sector by 2035. JPMorgan alone accounts for two-thirds of all quantum-related job postings and has published over half of the industry’s research papers, already leveraging quantum-inspired algorithms for portfolio optimization and cybersecurity.

European banks are also making strides, with seven of the 15 most active quantum-focused banks based in Europe. Institutions like HSBC are integrating quantum key distribution (QKD) into FX trading and tokenized gold transactions to bolster cybersecurity, while Intesa Sanpaolo is exploring quantum applications in credit scoring, fraud detection, and derivative pricing. Unlike AI, which is embedded across various banking functions, quantum computing is expected to revolutionize a targeted set of high-impact use cases, with transformative effects on risk assessment, fraud prevention, and financial modeling.

The report highlights that since August, the number of quantum professionals in banking has grown by 10%, with researchers publishing hundreds of quantum papers that have been cited over 3,000 times. While large-scale quantum deployment is still years away, banks are actively investing in talent and infrastructure to stay ahead. Alexandra Mousavizadeh, co-founder and co-CEO of Evident, warns that institutions failing to prepare for the quantum revolution may face both security threats and missed opportunities as the technology matures.