OpenAI is moving to automate parts of investment banking - hiring former JPM, MS, and GS bankers at around $150 per hour to build prompts for financial modelling and pitch-deck generation. This initiative is all apart of Sam Altman’s broader push to expand ChatGPT’s enterprise capabilities. But how might this affect investment-banking hiring? Typically these responsibilities will often fall to analysts on the team if those functions become semi-automated, banks may begin hiring fewer analysts, instead prioritising those who can interpret AI outputs, develop client relationships and demonstrate strong soft skills. Tip - make yourselves indispensable, analysts who combine technical know-how with emotional intelligence and adaptability will stand out. https://lnkd.in/gGmNWc7Z
BREAKING: OpenAI has quietly hired over 100 former Wall Street bankers, including alumni from Goldman Sachs, JPMorganChase, and Morgan Stanley, to help train its AI on building financial models. Codenamed “Project Mercury,” the effort pays contractors $150 an hour to write prompts and create Excel-based models for IPOs, restructurings, and M&A deals. The goal? To teach AI how to replicate, and eventually automate, the tedious modeling and deck-editing work that dominates life for junior analysts. The project reflects Sam Altman’s broader push to make OpenAI’s tech indispensable to businesses, from finance to consulting to law, as the company chases profitability following its $500 billion valuation. Analysts may soon have a new competitor, one that doesn’t need coffee breaks, weekends, or “pls fix” emails.
