OpenAI is making a big leap forward in artificial intelligence by working closely with more than 100 former investment bankers to train its AI models. This collaboration, known internally as Project Mercury, pays these experts $150 per hour to help create and refine financial models—tasks traditionally done manually by junior bankers. The goal is to automate the repetitive, time-consuming work involved in major financial transactions such as IPOs, restructurings, and leveraged buyouts.
What Is Project Mercury?
Project Mercury focuses on teaching AI systems how to build complex Excel-based financial models with accuracy and standard formatting. The ex-bankers contribute their expert knowledge by writing prompts, testing outputs, and giving feedback to improve the AI’s ability to replicate high-quality banking work. This initiative reflects OpenAI’s drive to make AI practically useful and transform workflows in the finance industry.
Why $150 an Hour?
The high hourly rate attracts top talent from prestigious firms like JPMorgan Chase, Goldman Sachs, and Morgan Stanley. These contractors deliver precise and meticulous models regularly, helping train OpenAI’s artificial intelligence thoroughly. This investment aims to cut long hours junior bankers spend on grunt work, freeing them to focus on higher-level strategic tasks.
Impact on Investment Banking
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Automates repetitive tasks like spreadsheet modeling and presentation preparation
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Improves productivity and reduces work stress for junior bankers
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Potentially reshapes entry-level banking roles by shifting skill requirements
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Allows banks to handle more deals efficiently with fewer analysts
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Could significantly reduce operational costs for financial institutions
Future Outlook and Challenges
OpenAI plans to roll out this AI technology within 12-18 months. While the automation promises efficiency gains, it also raises questions about job security for entry-level bankers and the need to evolve employee training for the future workforce. Experts believe AI will transform these roles rather than eliminate them completely, emphasizing new skills and oversight.
Conclusion
OpenAI’s $150/hr deal with ex-investment bankers highlights the next wave of AI adoption in banking. By training AI to master complex modeling tasks, OpenAI is paving the way for smarter, faster, and more scalable financial services. Project Mercury exemplifies how artificial intelligence is not just a futuristic concept but a tool reshaping industries today.
