OpenAI Hires 100+ Former Goldman Sachs and JP Morgan Bankers to Train AI Models for Investment Banking Tasks
Summary
OpenAI recruits over 100 former Goldman Sachs and JP Morgan bankers at $150/hour for Project Mercury, training AI models to automate entry-level investment banking tasks like cash-flow analysis and pitchbook creation, potentially revolutionizing Wall Street's traditional apprenticeship system.
Key Points
- OpenAI launches Project Mercury, hiring over 100 former investment bankers from major firms like Goldman Sachs and JP Morgan at $150 per hour to train AI models on financial tasks like cash-flow analysis and pitchbook creation
- The initiative aims to automate entry-level investment banking work traditionally performed by junior analysts, potentially transforming the industry's apprenticeship model where new hires spend years doing grunt work before advancing
- Industry experts remain divided on AI's impact, with some viewing it as an evolution rather than elimination of junior roles, while others worry about losing hands-on experience crucial for developing financial expertise