OpenAI Hires Ex-Goldman Staff to Help Cut Down Junior Bankers’ Grunt Work

Group 1 - The project, codenamed Mercury, aims to enhance OpenAI's technology for business applications, particularly in investment banking [1][4] - OpenAI employs over 100 former investment bankers to train its AI in building financial models, targeting the automation of junior bankers' tasks [1][2] - Participants in the project are compensated at a rate of $150 per hour for their contributions, which include writing prompts and developing financial models for various transactions [3] Group 2 - Despite achieving a valuation of $500 billion, OpenAI has not yet turned a profit, indicating a need for its technology to become more commercially viable [4] - The recruitment process for Project Mercury is largely automated, involving an AI chatbot for initial interviews and assessments of financial knowledge and modeling skills [6][7] - The rise of AI in investment banking is raising concerns among analysts regarding job security, as startups are increasingly providing AI solutions to assist banks [6]