OpenAI Hired 100+ Bankers to train ChatGPT
Interested to hear peoples thoughts on the bloomberg article
OpenAI is paying former bankers $150 p/h to train its models to replace 'grunt work' at the junior level.
Is this the downfall of the IB analyst role or will juniors be involved in more heavy lifting from day 1 ?
I still don’t get how AI will help with the workstreams - yes it will build the financial model, public comps table, precedent transactions with PPT output. But we already have pre-formatted 3 statement models to use and full table with CapIQ formulas to pull the data.
And yet when I was in IB we will literally handspread comps one-by-one to be “bespoke” for their clients’ discussion materials, or go line by line on FDD VDR report to see if there are any adjustment to QoE.
CapIQ already does all this so unless OpenAI can offer full flexibility with zero halluciation and 100% accuracy (or your MD will scream at you), not sure how this will help. Either way BB/EBs have their own proprietary AIs but last time I checked they were pretty bad.
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