Morgan Stanley Says Its AI Tool Processed 9 Million Lines of Legacy Code This Year And Saved 280,000 Developer Hours

Morgan Stanley has deployed an in-house AI tool called DevGen.AI that has reviewed nine million lines of legacy code this year, saving the investment bank's developers an estimated 280,000 hours by translating outdated programming languages into plain English specifications that can be rewritten in modern code.

The tool, built on OpenAI's GPT models and launched in January, addresses what Mike Pizzi, the company's global head of technology and operations, calls one of enterprise software's biggest pain points -- modernizing decades-old code that weakens security and slows new technology adoption. While commercial AI coding tools excel at writing new code, they lack expertise in older or company-specific programming languages like Cobol, prompting Morgan Stanley to train its own system on its proprietary codebase.

The tool's primary strength, the bank said, lies in creating English specifications that map what legacy code does, enabling any of the company's 15,000 developers worldwide to rewrite it in modern programming languages rather than relying on a dwindling pool of specialists familiar with antiquated coding systems.

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