OpenAI Enlists Over 100 Ex-Bankers for Project Mercury to Automate Financial Modeling

OpenAI has launched "Project Mercury," a new initiative employing more than 100 former investment bankers to train its artificial intelligence in sophisticated financial modeling. The project aims to automate the repetitive workload typically handled by junior bankers, focusing on tasks such as drafting financial models for initial public offerings, mergers and acquisitions, leveraged buyouts, and restructurings. Contractors are reportedly paid $150 per hour to contribute their expertise, according to a tweet from Rohan Paul and reports from Bloomberg.

Project Mercury is designed to teach AI systems to produce financial models that adhere to strict industry standards, ensuring the output closely resembles "banker made spreadsheets." This involves meticulous instructions on formatting rules, including margins, sheet layout, naming conventions, and percentage display. The goal is to develop AI tools capable of handling the detailed, time-consuming aspects of financial analysis.

The selection process for these expert contractors is largely automated, beginning with a 20-minute AI chatbot interview, followed by a financial statement quiz and a modeling test. Once accepted, participants are required to submit one Excel model per week, receive feedback from reviewers, and refine their work until it meets the required quality. Participants include former staff from major financial institutions like JPMorgan Chase, Morgan Stanley, and Goldman Sachs, as well as current MBA candidates from Harvard and MIT.

This development comes as investment banks face increasing pressure to automate tasks, with junior analysts often logging "80 to 100+ hours a week on spreadsheets and slide edits." While banks are already exploring rival AI tools, the critical factors for adoption remain accuracy, robust audit trails, and strict control over bank-specific styling. Project Mercury seeks to address these demands by embedding industry veterans directly into the AI training process.

OpenAI's strategic move with Project Mercury aligns with its broader enterprise strategy to make its AI technology more applicable across various business sectors. By targeting the financial industry's labor-intensive modeling, the company aims to enhance productivity and potentially redefine entry-level roles in investment banking, shifting human focus to higher-value, strategic work.