Why Does Goldman Sachs Have its Own Programming Language? - How Money Works #Shorts

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Goldman Sachs is the second largest investment bank in the world, just falling behind the investment banking division of JP Morgan Chase & Co in terms of revenue, but is still widely considered the cream of the crop in the world of high finance.


But why does this financial institution have it’s own coding language?



The simple answer is they REEEAAALLLYYY need to know how money works, but the more serious answer is a little more complicated.



Goldman Sachs makes a large share of their revenue by assisting other companies with large financial manoeuvres, this could be anything from giving these companies a loan, to overseeing a merger with another company, all the way up to getting a company ready to go public.



To do this efficiently Goldman Sachs will need to do extensive research and create detailed reports on things like market conditions, consumer behaviors, risk exposures and industry outlooks.



To create these reports accurately Goldman needs to collect a lot of data, and to work with that pool of data in an efficient (and above all else secure) way they need a program.


The problem was back in the 1990’s no such program really existed, so they made their own. “Slang” as it was called, was built from the ground up to specifically work with the kind of financial data that was used by the firm. It was also designed to be relatively forgiving to people that did not have a computer science background, which was most of the people at the firm, who were typically finance guys.


The things was, the entire Goldman database was built out using this program over the years, and its just really hard to change this out without starting from the ground up.



Today there are much better more modern alternatives (including their own updated in house programming language legend) yeah that’s right they made another one… but most analysts working at the firm will still need to learn this comparatively ancient system that has become so ingrained in the fabric of the bank.



#Shorts #GoldmanSachs #HowMoneyWorks


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