OpenAI Just Built a Junior Banker. Goldman's Own AI Lead Says the Grunt Work Was the Training
About This Episode
CNBC reported on September 10 that OpenAI unveiled ChatGPT for Financial Services, a version of its enterprise product built with Morgan Stanley and Evercore that researches companies, builds models and generates pitchbooks, the work Wall Street has assigned to entry-level analysts for decades. Asked whether it cuts the need for junior bankers, OpenAI's Nick Turley compared it to Excel; a Goldman Sachs partner warned weeks earlier that automating those tasks risks 'cognitive atrophy' in the next generation.
Our Take
OpenAI just sold Wall Street the output of its apprenticeship, and the argument between OpenAI's 'it's just Excel' and Goldman's 'cognitive atrophy' is really about whether the hundred-hour week was product or tuition.
Continue Reading on Unscarcity
The Vanishing Apprenticeship: Who Trains the Next Senior?
Direct match: the article's framework is that junior grunt work was never priced as output but as the factory that manufactures senior judgment, which is exactly the task set OpenAI just automated.
The Tool That Trains Its Replacement
Complementary: OpenAI says partner bankers' feedback will post-train the model to work 'like the best analysts,' so the senior bankers are coaching the tool instead of the people it displaces.