JOURNAL ARTICLE

Wall Street's 'Cobol Cowboys' are spread thin fixing legacy tech—but AI may soon ride to the rescue.

  • Published In: Fortune.com, 2023. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Estrada, Sheryl; Weiss, Ben 3 of 3

Abstract

The article discusses the urgent need for technological upgrades on Wall Street, particularly due to the reliance on the outdated programming language Cobol, created in 1959. Clear Street, an independent prime broker valued at $2 billion, is leading efforts to modernize capital markets by developing a cloud-native prime brokerage and clearing system. The article highlights the challenges of maintaining legacy systems, with firms often turning to experienced Cobol programmers, referred to as "Cobol Cowboys," for assistance. Additionally, tech giants IBM and Microsoft are exploring the use of generative AI to help modernize these outdated infrastructures. [Extracted from the article]

Additional Information

  • Source:Fortune.com. 2023/10, pN.PAG
  • Document Type:Article
  • Subject Area:History
  • Publication Date:2023
  • Accession Number:172981540
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