OpenAI Looks to Replace the Drudgery of Junior Bankers’ Workload (Bloomberg)

OpenAI has more than 100 ex-investment bankers helping train its artificial intelligence on how to build financial models as it looks to replace the hours of grunt work performed by junior bankers across the industry.

The group, which includes former employees of JPMorgan, Morgan Stanley, and Goldman Sachs, is part of a secretive project inside the startup that’s code named Mercury.

Participants are paid $150 per hour to write prompts and build financial models for a range of transaction types, including restructurings and initial public offerings, according to a person familiar with the effort.

The company has also granted the contractors early access to the AI it’s creating that aims to replace entry-level tasks at investment banks.

The project underscores the urgency at Sam Altman’s OpenAI to make its powerful AI technology more useful to businesses across a wide swath of industries, from consulting to finance to legal to technology.

Labor Shift: Amazon Plans to Replace More Than Half a Million Jobs With Robots (New York Times)

Amazon executives believe the company is on the cusp of its next big workplace shift: replacing more than half a million jobs with robots.
‌

Executives told Amazon’s board last year that they hoped robotic automation would allow the company to continue to avoid adding to its US work force in the coming years, even though they expect to sell twice as many products by 2033.

That would translate to more than 600,000 people whom Amazon didn’t need to hire.

Big Tech Advance: Google Unveils Quantum Computing Breakthrough on Willow Chip (Bloomberg)

USA.com: Several Quantum Computing Companies in Talks to Give Commerce Department Equity Stakes In Exchange for Federal Funding (Wall Street Journal)

Companies including IonQ, Rigetti Computing and D-Wave Quantum are discussing the US government becoming a shareholder as part of agreements to get funding earmarked for promising technology companies, according to people familiar with the matter.

Today in Climate

Polluters Are Starting to Heed to UN Methane Warnings (Bloomberg)

More governments and companies are responding to United Nations-issued alerts about methane leaks, with response rate to pollution warnings from the UN’s International Methane Emissions Observatory jumping to 12% from 1% over the past year, the agency said Wednesday in a report.  

‌

Despite the growing momentum, more concerted action is required to meet the goal of the Global Methane Pledge, backed by about 150 nations and which aims to slash releases of the gas 30% by 2030 from 2020 levels.

Methane pollution has accounted for about 30% of the rise in global temperatures since the Industrial Revolution. The gas has more than 80 times the warming power of carbon dioxide in the short term, meaning tackling the releases is regarded as one of the fastest and most effective actions to limit planetary warming.

‌

One of the UN programs uses satellite imagery to find methane leaks in dozens of countries. So far, it has detected over 14,000 plumes and sent thousands of pollution notifications to the parties responsible for leaks, as the New York Times reports. 

The UN uses data from over a dozen satellites run by several countries, including the US, to track methane emissions from space.  Nonprofit groups, such as Carbon Mapper, are using satellites to detect methane plumes and notify operators, according to the New York Times.
‌

President Trump has pulled the United States back from international climate commitments, and his administration has proposed ending pollution reporting requirements and shutting down greenhouse gas–monitoring satellites, according to the Times. 

Some nations are doing better than others. Countries like Yemen, Argentina and Oman have achieved 100% or near 100% response rates, which has translated into major emissions cuts, Bloomberg reports.

Local Leaders Step Up 

The COP30 Presidency and Bloomberg Philanthropies have announced a distinguished group of global and local co-chairs of the COP30 Local Leaders Forum, which will convene in Rio de Janeiro from November 3-5, ahead of the COP30 negotiations in Belém.

The Forum will bring together hundreds of mayors, governors, and subnational leaders to elevate local leadership and deliver concrete outcomes on global climate priorities.

“Ahead of COP30, the Local Leaders Forum will bring together hundreds of leaders at the city and state levels to exchange ideas, raise their ambitions, and push national governments to do more, faster,” said Mike Bloomberg, who serves as the UN Secretary-General's Special Envoy on Climate Ambition and Solutions. 
‌

Among the list of co-chairs are European Commission Executive Vice-President Teresa Ribera, UN Climate Change Secretary Simon Stiell, C40 Cities Co-Chairs London Mayor Sadiq Khan and Freetown Mayor Yvonne Aki-Sawyerr, Rio Mayor Eduardo Paes, and California Governor Gavin Newsom.

Read the full press release from Bloomberg Philanthropies here. 

What I'm Reading

‌

Talk Fallout: Russia Launches Strikes Across Ukraine After Trump-Putin Meeting Cancelled (Financial Times)

Russia unleashed a massive missile and drone attack on Kyiv and other cities across Ukraine on Wednesday, killing at least seven people and damaging critical infrastructure, the day after US President Trump’s latest peace efforts appeared to unravel.

The attacks came after Ukraine’s military said it had used Franco-British Storm Shadow missiles to hit a Russian chemical plant in the Bryansk region that produces gunpowder and explosives to fuel Moscow’s war machine.

EU leaders are meeting in Brussels today to discuss using Russia’s frozen assets for a €140bn loan for Ukraine, which could be used to arm Kyiv with European and US weapons.

Scott Bessent: Trump Will Boost Russia Sanctions After Putting Off Putin Summit (Bloomberg)

The US will announce a “substantial” new round of sanctions against Russia, Treasury Secretary Scott Bessent said, signaling President Trump is preparing to ratchet up pressure on Moscow a day after backing off plans for a meeting with President Vladimir Putin in the near future.

Pressure on Putin: EU Leaders to Approve New Russia Sanctions With LNG Ban (Bloomberg)

European Union leaders are expected to greenlight a 19th Russia sanctions package at a summit today after Slovakia dropped its objections. The package aims to further starve Moscow of energy revenue and pressure Vladimir Putin into negotiations.
‌

Gov't Tracker: US Shutdown Is Now Second Longest in History (Bloomberg)
‌

The US government shutdown, now in its 23rd day, has become the second-longest in history as the stalemate between the two parties over expiring health-care subsidies persists.

With President Trump expected to leave later this week for a trip to Asia, lawmakers and congressional aides say they see a real possibility the closure could extend into November and surpass the 35-day shutdown of Trump’s first term.

‌

New Poll: Most Americans Say US on Wrong Track on Economy, Immigration and More (Axios)

Nearly two-thirds of Americans believe the US is headed in the wrong direction, fueled by dissatisfaction with President Trump's impact on the economy, immigration, race relations and the nation's global standing, according to a new poll by the Public Religion Research Institute (PRRI).

In the PRRI poll, taken in partnership with the Brookings Institution, 62% say the country is going the wrong direction. Even among Republicans, a significant share of nearly 30% gave Trump low marks on the economy and how the government is functioning.

Justice on Trial: Trump's Multi-Million Dollar Request Puts Justice Department Integrity to the Test, Legal Scholars Say (Axios)

Talk of DC I: Trump to Demolish Entire East Wing to Build White House Ballroom (Bloomberg)

President Trump is demolishing the entire East Wing of the White House to build a $200 million ballroom at the property, a senior White House official said, a move that exceeds the original scope of the project as described by the president.

Originally, the president said the work on the White House grounds would not “interfere with the current building” and that the project’s plans paid “total respect” to the existing structure’s architectural style.

The National Trust for Historic Preservation, in a letter Tuesday, urged the administration to “pause demolition until plans for the proposed ballroom go through the legally required public review processes” and expressed concern that the size of the “proposed new construction will overwhelm the White House itself.”

Talk of DC II: Quite the Scene Last Night at Cafe Milano (Politico Playbook)

Politico Playbook has the ultimate 'spotted' item today, reporting that last night, among the throng of diners at tables across the room were Joe Biden, Barack Obama, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, Sen. Dave McCormick (R-Pa.) and more.

Big Sales, Small Gains: Tesla’s Profit Tumbles as Costs Undermine Record EV Sales, Shares Slip (Bloomberg) 

Tesla Inc. posted third-quarter profit that fell short of Wall Street’s expectations despite record electric-vehicle sales, a sign of the pressure automakers are facing from shifting federal policies and rising costs.

Tune in to the Daily Read Podcast: Stay ahead with AI-powered news insights every day — streaming now on Spotify and Apple Podcasts.

NYC Mayors Race: Cuomo and Sliwa Force Mamdani on Defense in Final Debate (Politico)

Andrew Cuomo and Curtis Sliwa made the most of the final New York City mayoral debate Wednesday night, their last big chance to ding frontrunner Zohran Mamdani.

While Election Day is Tuesday, Nov. 4, early voting in the city begins this Saturday, Oct. 25.

In Arizona: State Attorney General Sues Mike Johnson for Failing to Seat Rep-Elect Adelita Grijalva (Politico)

Arizona Attorney General Kris Mayes filed a lawsuit against House Speaker Mike Johnson for refusing to seat Rep.-elect Adelita Grijalva, who won a Sept. 23 special election in Arizona’s 7th Congressional District.

Mayes wrote that “constitutional rights cannot be used as a bargaining chip,” while Johnson called the lawsuit “patently absurd” and continues to withhold Grijalva’s swearing-in until the Senate votes to reopen the government.

US Governor Races to Test Trump's Record: Obama Will Campaign with Spanberger and Sherrill in High Stakes Races in NJ and VA (Associated Press)

Former President Barack Obama will campaign alongside Democrats Abigail Spanberger and Mikie Sherrill in the final stretch of their statewide campaigns for governor in Virginia and New Jersey.

Virginia and New Jersey are the only states picking governors this year. The odd-year contests are seen as a barometer of how voters feel about President Donald Trump and Republicans who control Congress ahead of the 2026 midterms.

Trump has endorsed both Republican candidates, but there are no in-person events with the president currently planned in either New Jersey or Virginia.

One Week Away: 'Icons of Culture' to Bring 'Women in Front' for Dynamic Conversations at PAC NYC (PAC NYC)

Icons of Culture 2025 will light up PAC NYC next week in its Oct. 29–Nov. 1 festival. The event celebrates “Women in Front” with a dynamic lineup of conversations spotlighting creativity, activism, and cultural impact. Featured guests include Diane von Furstenberg on leadership and legacy, Es Devlin on immersive art, Lucy Liu on creativity and reinvention, Christy Turlington Burns on activism and visibility, and Tiffany Haddish and Danai Gurira on shaping culture.

Tickets are now available, click here for more information.

‌

Best of Late Night

On President Trump's construction of the White House ballroom:

“At this point, should we even believe this is going to end up being a ballroom? It could just as easily end up being a combination Pizza Hut-Taco Bell.”
-- Stephen Colbert

“That is it. We are not giving him the security deposit back.”
-- Stephen Colbert

“Last time, it took him at least four years to bring a demo crew to the Capitol.” 
-- Stephen Colbert, referring to the Jan. 6, 2021, Capitol attack

And from The Daily Show: Michael Kosta checks in on Trump's latest White House makeover, which includes demolishing the First Lady's quarters to build a gigantic ballroom. Plus, while a Democrat apologizes for problematic Reddit posts, Trump's former nominee for special counsel faces scrutiny over his text messages. Click the photo below to watch.