OpenAI Looks to Replace the Drudgery of Junior Bankers’ Workload

OpenAI has more than 100 ex-investment bankers helping train its artificial intelligence on how to build financial models as it looks to replace the hours of grunt work performed by junior bankers across the industry. The group, which includes former employees of JPMorgan Chase & Co., Morgan Stanley, and Goldman Sachs Group Inc., is part of a secretive project inside the startup that’s code named Mercury, according to documents seen by Bloomberg. Participants are paid $150 per hour to write prompts and build financial models for a range of transaction types, including restructurings and initial public offerings, according to a person familiar with the effort. The company has also granted the contractors early access to the AI it’s creating that aims to replace entry-level tasks at investment banks. Bloomberg News Chief Wall Street Correspondent Sri Natarajan and Finance Reporter Katherine Doherty (Source: Bloomberg)