In late 2023, Morgan Stanley’s hackathon birthed DevGen.AI, a groundbreaking tool aimed at converting legacy code into modern programming languages. As of June 2024, it has saved developers over 280,000 hours, or 11,666 days, boosting efficiency significantly. Trevor Brosnan, the bank’s global head of technology strategy, led this initiative, turning outdated languages like Cobol into user-friendly specifications. While concerns about AI-related job loss persist, Brosnan and Megan Brewer, head of market innovation, emphasize that DevGen.AI streamlines “onerous” tasks rather than replacing jobs, allowing engineers to focus on future innovations. The tool received a patent through Morgan Stanley’s Patent Accelerator Program, which has seen a 53% rise in submissions from 2023-2024. Currently, the focus remains on leveraging DevGen.AI internally, with no immediate plans for external licensing, as modernization and AI integration continue to be priorities for the firm.
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