- OpenAI continues to be the new AI model for investment bankers.
- Experienced bankers are being recruited to train the models.
- AI companies are paying special attention to financial services.
- Big banks are also investing heavily in AI.
OpenAI Investment Banking Model: AI has completely changed the way things like coding, customer support and research are done and now its investment is in banking. According to media reports, OpenAI, the company that makes ChatGPAT chatbot, is creating a new AI model, which will be useful for investment bankers. The company is looking for investment banking experts to provide training to this model. In return for the work of training the AI model, he will be given a base salary of around Rs 1.7 crore.
This work will have to be done in exchange for a salary of Rs 1.7 crore
For this job, OpenAI is looking for candidates with only two years of investment banking experience, who has done work like company and industry research, financial analysis, valuation, deal execution and preparing client presentations. This candidate will not have to do any work related to banking in OpenAI, but will have to work on training and testing a new AI model. Experts will be entrusted with the responsibility of telling the AI model how investment bankers work. Now it remains to be seen how much impact it will have on the jobs of investment bankers when this model is ready and rolled out to the public. Initially, companies include AI in their workforce as a help and later on this technology eats away the jobs of the employees. Many such examples have been seen in other sectors.
Now AI companies are focusing on financial services
Other AI companies including OpenAI are now focusing more on financial services. While OpenAI is creating a new model for investment bankers, its rival company Anthropic had recently launched several AI agents. These can automate the repetitive tasks done in financial institutions. Anthropic says that after technology, financial services has now become its second largest enterprise business.
Big banks are also investing heavily on AI
On one hand, while AI companies are working on bringing financial services, on the other hand, big investment banks are also investing huge money on technology. JPMorgan is spending $18 billion every year on technology, most of which is going towards AI. Similarly, Goldman Sachs is also investing Rs 6 billion annually on technology.
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