'Less Grunt Work': Why JPMorgan Analyst Quit To Join AI Investment Startup

Varun Agarwal, an investment banking analyst, left his position at JPMorgan and joined OffDeal - an AI investment startup - to lead its investment banking and product development department, according to Business Insider.

He called the move a "calculated risk" and was drawn to the Singapore-based startup's use of AI to address a lot of the problems that he as a banking analyst at JPMorgan was facing.

He said that there was a "small window" of opportunity for success in the AI-driven industries before they "mature."

"Becoming AI native and learning how to incorporate it into your workflow will pay huge dividends in the future," Agarwal told Business Insider.

He described the startup as "Jane Street but for investment banking" and said that it uses AI and software to execute company valuations within one or two days, which used to take months to do at JPMorgan.

When it came to laborious tasks such as making notes during Zoom calls or revising and refining pitch books, Agarwal used AI, freeing up a lot of time and effort which he could focus on doing more deals and less "grunt work."

He said that he could handle 10-11 deals at the same time in comparison to the two to three deals he was tending to at JPMorgan.

Agarwal was also drawn to what he saw as the profit potential of the enterprise after seeing Silicon Valley professionals in the Bay Area in California where entrepreneurs were earnings in millions.

"Seeing 21-year-olds start companies and raise millions of dollars was exhilarating. I thought to myself then, 'Hey, why can't I do that too? Why don't I join a startup and take a big risk myself?'" Agarwal said.

He also said that their focus on small business connected with him as his mother used to run her own dental practice as a small business owner.

"Their focus on small businesses resonated with me at a personal level," he said.