OpenAI has launched a large-scale project to train artificial intelligence to perform tasks typically handled by investment bankers. To achieve this, the company has enlisted over 100 former analysts from leading banks, including JPMorgan, Morgan Stanley, and Goldman Sachs. Their role involves creating financial models, developing prompts for the AI, and preparing presentation materials to the highest industry standards.
This is reported by Business • Media
How the Mercury Project Works
The initiative, code-named Mercury, aims to automate the routine work of junior bankers. Key functions include formatting presentations, tables, and modeling various financial processes, including restructurings and initial public offerings. Participants are compensated at a rate of $150 per hour for tasks such as preparing models and creating prompts for the AI.
“Mercury is focused on automating the routine functions of junior analysts. After training, the AI will be able to create models and presentations without needing managerial review, which could reduce the demand for junior staff and change the traditional career progression system in investment banking.”
Market Impact and Future Prospects
According to industry experts, most young analysts work in banks for no more than two years. OpenAI is leveraging this trend by recruiting specialists who are already planning to change careers to expedite the AI training process. Within the Mercury framework, specialists develop models in Excel, adhering to formatting standards such as italicizing percentage values or correctly displaying margins, to pass these skills on to the AI.
The project demonstrates OpenAI’s commitment to integrating artificial intelligence into the banking sector to enhance the efficiency of routine business processes. Mercury currently remains an internal initiative of the company, and details and outcomes of its implementation are not disclosed publicly.
It is worth noting that OpenAI recently achieved a market valuation of $500 billion following the sale of shares worth approximately $6.6 billion. The company also introduced the ChatGPT Atlas browser, continuing its active expansion in the field of artificial intelligence.