ChatGPT maker OpenAI hired 100 ex bankers from JPMorgan, Goldman Sachs and Morgan Stanley to train these new models

OpenAI has reportedly launched a secretive project, code-named Mercury, to train artificial intelligence (AI) to build complex financial models. With these models, the company plans to replace time-consuming tasks currently performed by junior bankers across the industry. The project group includes former employees from major institutions such as JPMorgan Chase & Co., Morgan Stanley, and Goldman Sachs Group Inc. Participants in the effort are reportedly being paid $150 per hour to write prompts and build financial models for a range of transaction types, including restructurings and initial public offerings (IPOs). The company has also granted these contractors early access to the AI it is creating, which seeks to automate and replace entry-level responsibilities at investment banks.