OpenAI seeks investment banking expert to train ChatGPT on Wall Street tasks

OpenAI job listing suggests ChatGPT could someday replace junior analysts at Goldman Sachs

Investment bankers might be next in line to be rendered obsolete by artificial intelligence if OpenAI's latest push into the financial space is any indication. The House of Altman on Wednesday opened up a new position for an investment banking expert, whose responsibilities include making ChatGPT and its AI relations better at handling the complexities of major financial transactions like mergers, acquisitions, fundraising, and other high-value, high-stakes financial ventures. The job notice mentions that investment banking is one of the most demanding knowledge work tasks around due to all the things bankers have to consider, and it seems to be hoping AI can serve as an assistant for some of Wall Street's heaviest hitters. "We are looking for a Subject Matter Expert in Investment Banking to help define what excellent AI-assisted banking work looks like and turn that standard into better models and products," OpenAI said in the posting. "You will use that expertise to design realistic tasks and evaluations, create and assess high-quality reference work, diagnose model failures, and help our technical teams improve model behavior and product experiences." OpenAI further describes the position as defining "the quality bar for AI-assisted investment banking," making it seem suspiciously like the ChatGPT maker isn't satisfied to keep its financial insights confined to the personal bank accounts of its individual users. The company announced in May that it was adding connectors for personal financial accounts to be integrated into ChatGPT, giving AI direct access to bank records and other financial data. The feature was rolled out generally to ChatGPT Plus and Pro users at the end of June. Now, it seems, OpenAI wants ChatGPT to help i-bankers, with the aforementioned "quality bar" touching things like research, analysis, valuation, modeling, diligence, transaction execution, and handling client materials. OpenAI apparently also wants its subject matter expert to help translate banking workflows into "representative evaluation tasks" that would allow AI to handle turning investment ideas into success, and generally "improve model performance on financial work." Improvement would probably be warranted, given AI's tendency to still get things wrong on the regular. OpenAI even admitted last year that its models are programmed to make things up rather than admitting they don't know something. That's not exactly a comforting thought to businesses considering trusting an AI to provide advice on multi-billion dollar deals. OpenAI may have the hubris to believe an LLM that's frequently wrong and makes up facts can substitute for the subject matter expertise of an army of investment bankers, or it could just be unhappy with the investment banking world. The company, now in the process of going public, has slipped from being the darling of the AI world to playing second fiddle to Anthropic, which actually beat the ChatGPT lab to filing its own IPO documents. Some in the financial industry meanwhile, are expressing concerns that the AI bubble OpenAI helped to inflate could pop, potentially taking the global economy with it. Its no wonder, then, that the company is looking to train its own investment banking AI that can present more favorable opinions of the AI space than skittish financial heavyweights. In exchange for teaching an AI to do their own job, OpenAI's future investment banking expert will be offered as much as $205K a year, plus equity. OpenAI didn't respond to questions for this story. ®

OpenAI is looking for a 'Subject Matter Expert in Investment Banking' -- could ChatGPT be set to replace bankers next?

* OpenAI plans to hire a $200k Investment Banking expert as it continues to target finance * The company wants to improve financial accuracy, consistency and overall quality * ChatGPT already has its own personal finance tool OpenAI is advertising a new "Subject Matter Expert, Investment Banking" role within its team, serving as the latest hint that the ChatGPT maker wants to expand its reach into the finance sector. This latest position strongly implies that the company wants to increase more sophisticated Wall Street type tasks, rather than be an all-purpose chatbot, and it makes sense. We've already seen OpenAI and rivals like Anthropic heavily target certain sectors - banking and law being two of the most evident in recent months. Could OpenAI be expanding its reach into finance? OpenAI described investment banking as one of the most demanding forms of knowledge work, putting pressure on workers to "synthesize fragmented information, exercise judgment under pressure, and produce precise, defensible models, analyses and client materials." Being that the job was posted in an entire blog post-style announcement rather than on a dedicated careers platform, it's clear the role will be a high-level one reporting to senior leaders and will play a considerable role in the company's direction. The salary of $185,000 to $205,000, plus equity, is also indicative of the role's importance. The announcement highlights the importance of quality over quantity, stressing the need for AI to help produce work that's financially correct, traceable and consistent. OpenAI also wants prospective candidates to help identify the highest-value AI opportunities in investment banking - another clear signal that the company is going after the sector big-time. With its existing expertise, OpenAI has already targeted the consumer end of the sector with a new Personal Finance tool within ChatGPT that connects to bank accounts to give users insights into their spending habits, investments and savings. Follow TechRadar on Google News and add us as a preferred source to get our expert news, reviews, and opinion in your feeds.