ai and ml<\/p>\n
What, did someone get some bad news during their IPO process or something?<\/p>\n
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.\u00a0<\/p>\n
The House of Altman on Wednesday opened up a new position<\/a>\u00a0for 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.<\/p>\n 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\u2019s heaviest hitters.\u00a0<\/p>\n \u201cWe 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,\u201d OpenAI said in the posting. \u201cYou 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.\u201d<\/p>\n OpenAI further describes the position as defining \u201cthe quality bar for AI-assisted investment banking,\u201d making it seem suspiciously like the ChatGPT maker isn\u2019t satisfied to keep its financial insights confined to the personal bank accounts of its individual users.\u00a0<\/p>\n The company announced<\/a> 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.\u00a0<\/p>\n Now, it seems, OpenAI wants ChatGPT to help i-bankers, with the aforementioned \u201cquality bar\u201d 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 \u201crepresentative evaluation tasks\u201d that would allow AI to handle turning investment ideas into success, and generally \u201cimprove model performance on financial work.\u201d\u00a0<\/p>\n Improvement would probably be warranted, given AI\u2019s tendency to still get things wrong<\/a> on the regular. OpenAI even admitted last year that its models are programmed to make things up<\/a> rather than admitting they don\u2019t know something. That’s not exactly a comforting thought to businesses considering trusting an AI to provide advice on multi-billion-dollar deals.<\/p>\n OpenAI may have the hubris to believe an LLM<\/a>\u00a0that’s frequently wrong and makes up facts can substitute for the subject matter expertise of an army of investment bankers, or it could just\u00a0be unhappy with the investment banking world. The company, now in the process of going public<\/a>, has slipped from being the darling of the AI world to playing second fiddle to Anthropic<\/a>, which actually beat the ChatGPT lab to filing its own IPO documents.\u00a0<\/p>\n Some in the financial industry, meanwhile, are expressing concerns that the AI bubble OpenAI helped to inflate could pop<\/a>, potentially taking the global economy with it<\/a>. It’s 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.<\/p>\n In exchange for teaching an AI to do their own job, OpenAI\u2019s future investment banking expert will be offered as much as $205K a year, plus equity. OpenAI didn\u2019t respond to questions for this story. \u00ae<\/p>\n","protected":false},"excerpt":{"rendered":"ai and ml What, did someone get some bad news during their IPO process or something? Investment bankers…\n","protected":false},"author":2,"featured_media":681515,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[554,733,4308,86,56,54,55],"class_list":["post-681514","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-ai","tag-artificial-intelligence","tag-artificialintelligence","tag-technology","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/681514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=681514"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/681514\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/681515"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=681514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=681514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=681514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}