OpenAI is actively enhancing its artificial intelligence to take on tasks traditionally assigned to entry-level finance workers, such as revising pitchbooks and formatting presentations. These tasks, often carried out by junior investment bankers, are now being redefined with AI as part of OpenAI’s initiative to expand its footprint in the finance industry.
To advance this effort, OpenAI has hired over 100 contractors, many of whom previously worked at prestigious financial institutions like JPMorgan Chase, Goldman Sachs, and Morgan Stanley. These contractors are involved in a project known internally as Project Mercury. According to Bloomberg, participants in this initiative are tasked with submitting one financial model weekly and are compensated at a rate of $150 per hour.
This move could heighten concerns among Wall Street’s junior bankers, as AI technologies like OpenAI’s systems continue to replace tasks once reserved for entry-level employees. A recent study from Stanford revealed a 13% reduction in employment for workers aged 22 to 25 in sectors most exposed to AI advancements.
Wall Street has been quick to incorporate AI into its operations. Firms such as Morgan Stanley, Citigroup, and Bank of America are all adopting AI tools internally. In particular, Goldman Sachs is piloting an AI software engineer, while JPMorgan has committed to investing $2 billion annually in AI innovations.
JPMorgan has confirmed that its increasing reliance on AI will lead to a reduction in hiring. According to Jeremy Barnum, the bank’s CFO, AI’s impact on productivity will limit growth in headcount. Similarly, Goldman Sachs plans to slow down hiring and implement a limited reduction in roles, focusing instead on AI-driven opportunities.
Prospective hires for Project Mercury must first undergo a 20-minute interview with an AI chatbot. Following this, candidates are tested on their financial knowledge before completing a modeling exam.
In a statement, OpenAI confirmed that it regularly collaborates with industry experts to refine its models. The company noted that these experts are recruited and managed by third-party vendors.
OpenAI is not the only company working to strengthen its financial sector presence. Anthropic, for instance, launched its Claude tools in July, specifically designed for financial services. Cohere, a Canadian AI company, counts the Royal Bank of Canada as a client, and Elon Musk’s xAI is also deepening its financial sector capabilities.
