OpenAI is intensifying efforts to enhance its AI technology’s utility for businesses, particularly in investment banking, through a secretive initiative known as Project Mercury. Over 100 former investment bankers from top firms like JPMorgan and Goldman Sachs are contracted to develop financial models, earning $150 per hour. This initiative aims to automate time-consuming tasks traditionally handled by junior bankers, addressing the industry’s demand for efficiency.
Despite its $500 billion valuation, OpenAI has not yet achieved profitability. The participant recruitment process is largely automated, involving a chatbot interview and assessments of financial knowledge. Contractors, including current MBA students from prestigious institutions, are tasked with producing one financial model weekly. As AI innovations emerge, concerns about job security among analysts are growing, with startups targeting similar solutions for banks. OpenAI emphasizes collaboration with experts to refine AI models across various sectors.
Source link
