OpenAI sets up secret project to train AI to take over the tedious work of junior bankers

OpenAI is understood to be using more than 100 former investment bankers to train its artificial intelligence on how to build financial models, in an attempt to replace the time-consuming and laborious work of junior bankers across the industry. The team, which includes former employees of JPMorgan Chase, Morgan Stanley and Goldman Sachs Group, is part of a secretive project within OpenAI codenamed Mercury. Participants are paid $150 an hour to write tips and build financial models for deals ranging from restructuring to initial public offerings, according to a person familiar with the matter. OpenAI is also offering participants early access to the artificial intelligence it is building to replace the tasks of entry-level positions in investment banking.