key takeaways
- OpenAI has created a new team of over 100 former investment bankers under a new initiative internally called “Project Mercury.”
- The project pays contractors, many of whom are former employees of JPMorgan Chase, Goldman Sachs and Morgan Stanley, $150 an hour to build financial models to train the AI.
- The initiative comes as OpenAI seeks to find real-world applications for AI technology.
OpenAI has assembled a team of over 100 former investment bankers to train its AI to automate difficult, manual tasks typically performed by junior bankers.
The group, which includes former employees of Morgan Stanley, JPMorgan Chase and Goldman Sachs, is tasked with creating financial models for various transactions, including restructurings and initial public offerings, as seen by internal documents. bloomberg,
The initiative, code-named Project Mercury within OpenAI, pays contractors $150 an hour to feed financial models into AI, with the aim of expanding the real-world, practical use of AI in business sectors such as finance and technology. bloomberg points out that despite reaching A $500 billion valuation Earlier this month, it strengthened its position as most valuable private company Globally, OpenAI has yet to make a profit.
Connected: OpenAI made more money in the first six months of the year than in 2024
How to apply for OpenAI’s Project Mercury
Applying for Project Mercury is largely automated, starting with a 20-minute interview with an AI chatbot and moving on to tests on financial statements and modeling, the sources said. bloombergContractors who pass the screening are required to submit a financial model per week in Excel following industry standards. No public applications were open OpenAI’s career site For Project Mercury at the time of writing.
Project Mercury has reportedly attracted the interest of participants who have previously worked on Wall Street, as well as current MBA candidates at Harvard University and the Massachusetts Institute of Technology, according to bloomberg,
With Project Mercury, OpenAI aims to transform traditional investment banking workflows that rely on repetitive tasks. For example, junior investment bankers log 100 hour workweek As they create detailed Excel models for mergers and make modifications to PowerPoint slide decks – tasks that AI can help with.
Connected: Bank of America is restricting overwork for junior bankers and limiting working hours to ‘only’ 80 a week
Still, the automation of grunt work presents both opportunities and concerns for junior bankers.
But automating modeling and presentation tasks can reduce fatigue, says industry expert Jean Branthover, head of global financial services at the recruitment firm DHR Globaltold bloomberg March said performing these tasks manually helps junior staff develop industry knowledge, attention to detail and confidence for customer interactions.
“Reading documents, analyzing them, is a process you need to learn,” Brantover told the outlet.
Brantover said that missing out on such work “would be detrimental to young bankers.”
How are major financial institutions adopting AI?
Major financial and consulting companies are already adopting generic AI. For example, Citigroup began deploying its ai tool stylus 140,000 employees in eight countries by the end of 2024. The platform can summarize, compare, and search multiple documents at once, significantly reducing the time spent on manual analysis.
Meanwhile, McKinsey reported earlier this year that more than 75% of its 43,000 employees Regularly use Lily, its in-house AI platform, introduced in 2023, to prepare PowerPoint slides, research materials, and draft client proposals.
Connected: JPMorgan to fire junior bankers over a common practice CEO Jamie Dimon calls ‘unethical’
key takeaways
- OpenAI has created a new team of over 100 former investment bankers under a new initiative internally called “Project Mercury.”
- The project pays contractors, many of whom are former employees of JPMorgan Chase, Goldman Sachs and Morgan Stanley, $150 an hour to build financial models to train the AI.
- The initiative comes as OpenAI seeks to find real-world applications for AI technology.
OpenAI has assembled a team of over 100 former investment bankers to train its AI to automate difficult, manual tasks typically performed by junior bankers.
The group, which includes former employees of Morgan Stanley, JPMorgan Chase and Goldman Sachs, is tasked with creating financial models for various transactions, including restructurings and initial public offerings, as seen by internal documents. bloomberg,
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