OpenAI Recruits 100+ Ex-Bankers to Train AI for Financial Modeling

OpenAI is running a secretive project called Mercury, employing over 100 former investment bankers from firms like JPMorgan Chase, Morgan Stanley, and Goldman Sachs to train its AI in financial modeling. The initiative aims to automate the labor-intensive tasks junior bankers typically perform, such as building transaction models for restructurings and IPOs, thus increasing efficiency and reducing manual workloads. These contractors are paid $150 per hour and undergo an application process that includes AI chatbot interviews and financial modeling tests. OpenAI provides early access to its AI tools to these experts, who then create and refine models that feed into the AI's learning process. The project reflects OpenAI's broader strategy to apply its AI technology across various business sectors, including finance, consulting, legal, and technology, although the company has yet to turn a profit despite a $500 billion valuation. This development raises concerns about job security for junior bankers as AI begins to replace routine tasks.