Updating PitchBooks, formatting slides and font size – these are some of the worst jobs that beset Invent-Level Investment Bangers who want to climb Wall Street’s top firms. Now, developers from big banks are helping Abalayi train its AI to master the grunt work of reaching chatgpt-mer access to the financial sector, according to Bloomberg.
Opelai was reportedly recruited by more than 100 contractors who previously worked at firms such as JPMorgan Chase, Morgan Stanley and Goldman Sachs to participate in an internal effort known internally as Project Mercury. Participants are expected to deliver one financial model per week and are paid about $150 per hour, according to Bloomberg, confidential documents and sources familiar with the matter.
The revelation is likely to raise concerns among Wall Street’s junior high street bankers, as AI continues to take over what was once the job of entry-level employees. Earlier this year, Stanford researchers found that 22- to 25-year-old workers have a 13 percent decline in jobs in job fields exposed to AI as of late 2022.
Like many other industries, Wall Street quickly embraced AI, using it internally at firms from Morgan Stanley to Citigroup to Bank of America. Goldman Sachs, meanwhile, is hiring AI software developer Nicknamer Devin, among other things, including the expansion of its GS AI Aisant platform. Jpmorgan, for its part, is investing $2 billion annually in AI
Earlier this month, JPMorgan confirmed that its adoption of AI would lead to a reduction in recruitment. Thanks to AI’s “Production Tailowinds,” the bank will increase human capital growth,” Jeremy Barnum, JPMORGAN’s chief financial officer, told analysts during the third quarter earnings call.
Goldman Sachs expressed similar intentions. In a recent memo to employees, CEO David Solomon and other executives see headcount growth at the end of the year “and cut costs” as it looks at the opportunities created by AI
To apply for Project Hursury, hiring professionals must first complete a 20-minute conversation with an AI Chatbot, according to Bloomberg. They are then tested on their financial knowledge before completing the process with a screening test.
Opena is constantly working with various experts “to improve the power of our models in all different domains,” the company said in an exit statement, noting that such experts are “managed and compensated by third-party providers.”
Opena is not the only AI developer aiming to expand its financial technology. In July, anthropic released a site for dirty tools used by financial services firms. Core, a Canadian AI competitor that takes care of business applications, counts Royal Bank of Canada among its clients. Elon Musk’s Xai, too, is working to deepen its financial literacy. Earlier this year, the startup said it would focus on hiring domain-specific experts to train its LLMs in fields such as finance.