OpenAI Hires 100 Ex-Investment Bankers To Eat Up Jobs Of Junior Bankers, Here Is Why

OpenAI is an ambitious firm, and we all know that until now with the amount of updates and advancements that we have seen until now. In a recent development, the company has hired more than 100 former

bankers and consultants from top firms like JPMorgan Chase, Goldman Sachs, and Morgan Stanley. This is being dubbed as part of a project codenamed Mercury. With this move. OpenAI is planning to train the AI systems to perform advanced financial modelling and automate consulting tasks. These jobs are mostly handled by junior investment bankers. According to a report by Washington Journal, the tasks that the AI will be able to accomplish after the training are conducting restructuring, IPO models, and making leveraged buyout projections. Reports related to the matter have suggested that OpenAI will be paying these bankers a sum of $150 per hour to refine its AI models. The consultants will be supported to write prompts, test the accuracy of the mode, and provide expert feedback on AI-generated financial outputs. The feedback loop created here will play an important role in teaching the system how to generate outputs with the precision that is expected on Wall Street.

Are Jobs Of Junior Bankers At Risk?

This hiring move by OpenAI clearly shows that the company is trying to modify its positions in the market and compete in the battle against the first that provide financial advisory services. With the project Mercury in action, Sam Altman's OpenAI will be eyeing to develop tools to build and revise complex transaction models, generate pitch decks, and analyze financial statements.Also Read: OpenAI Bans Celebrity Deepfakes On Sora After Bryan Cranston Controversy: All You Need To Know And firms like Morgan Stanley are already enrolled in the early access programmes with OpenAI. This will definitely impact the job of people who are especially hired to do these tasks, but the scale of impact cannot be assessed yet. That being said, hiring 100s of former bankers to make the system effective shows us that OpenAI is all in for making a mark in the domain.