"Sam Altman's tech giant has enlisted more than 100 ex-investment bankers to help train its AI models on how to build financial models to automate hours of entry-level tasks, according to documents seen by Bloomberg and reported Tuesday. The labor force includes former employees of JPMorgan Chase, Morgan Stanley, and Goldman Sachs, and contributes their expertise to a project code named "Mercury," Bloomberg reported."
""I'm not convinced that we get rid of entry-level workers anytime soon, but I could imagine a world where the skill set we need those entry-level workers to have is different," Shawn DuBravac, an economist and CEO of Avrio Institute, a research and consulting firm, told Fortune. DuBravac believes a "first wave of automation" will hit structured, repeatable tasks junior analysts spend hours during the week working on for their superiors, like cleaning and formatting spreadsheets, building financial models, and assembling pitch decks."
"Investment banking analysts regularly clock more than 80 hours a week when working on live deals, leveraging Microsoft's Excel program to deliver financial models for mergers and leveraged buyouts. "These are all areas where the data is plentiful, the templates are standardized, and the process can be learned from repetition," DuBravac said. "Within the next year, I'd expect firms will move quickly to try to automate 60% to 70% of the time analysts currently spend on these lower-level tasks.""
OpenAI has engaged more than 100 former investment bankers to train AI models to build financial models and automate entry-level finance tasks under a project codenamed "Mercury." The effort targets repetitive duties such as cleaning and formatting spreadsheets, building financial models, and assembling pitch decks. Economists expect automation to transform junior analyst roles rather than eliminate them immediately and to shift required skill sets toward higher-value tasks. Firms may automate 60% to 70% of the time analysts currently spend on lower-level tasks within a year, enabling senior analysts to focus on more sophisticated analysis while junior staff take on different responsibilities.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]