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this post was submitted on 23 Aug 2023
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Technology
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I have a hunch the entire financial system secretly runs on COBOL
It's not a secret. Those are highly coveted, high paying programming jobs.
I've heard crazy stories about people getting an annual salary for very few days work a year
"secretly"
I remember the UK govt asking the banking industry if their systems could handle negative interest rates. Was a hard no, lol.
I've worked at many financial institutions and government agencies, and they all have extremely old mainframe systems running COBOL. Every time the executives bolster "We're finally going to move off of this old system and modernize", I show them the price and they scamper off into their back rooms to whine about profit margins. It's always fun when something does go wrong with those systems and they go through the cycle all over again, but now it's even more expensive to fix