OpenAI is actively working on the Mercury project, which aims to automate routine tasks in investment banking using artificial intelligence. To achieve this, the company is engaging over 100 former analysts from leading investment banks such as JPMorgan, Morgan Stanley, and Goldman Sachs.
This is reported by Finway
Project Mercury: Automating Routine Processes
As part of the Mercury initiative, specialists with years of banking experience are training artificial intelligence to build financial models and prepare presentation materials according to industry standards. They create models in Excel and also prepare specific prompts for the AI, considering formatting details, such as italicizing percentage values and properly formatting margins.
According to sources, participants receive $150 per hour for their work developing models for various banking transactions, including restructuring and initial public offerings (IPOs). OpenAI provides them with early access to a new AI tool designed to perform entry-level tasks in banks.
Changes in the Structure of Investment Banking
Mercury is intended to automate the functions of junior analysts, particularly the preparation of presentations and spreadsheets. After training, the AI will be able to independently create models and presentations without the need for management review, which could potentially reduce the demand for junior staff and impact the traditional career progression system in investment banking.
“Mercury aims to automate the routine functions of junior analysts. After training, the AI will be able to create models and presentations without the need for management review, which may reduce the demand for junior employees and alter the traditional career advancement system in investment banking.”
According to media reports, most young analysts leave banks within the first two years of employment. OpenAI is leveraging this trend by engaging experts who are already planning to change their professional fields to effectively train the artificial intelligence.
The project demonstrates OpenAI’s commitment to implementing innovative technologies in the financial sector, enhancing the efficiency of standard processes. Mercury currently remains an internal initiative of the company, and the results of its activities have not yet been publicly disclosed.
Previously, OpenAI achieved a market capitalization of $500 billion following a significant stock sale deal worth approximately $6.6 billion. Additionally, the company introduced the new ChatGPT Atlas browser.