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IBM faces a major crisis as 95 percent of COBOL ATMs at risk from AI disruption
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IBM faces a major crisis as 95 percent of COBOL ATMs at risk from AI disruption
Intelligence and the Senses
Matthew Griffin By Matthew Griffin
 - 
8th June 2026
IBM faces a major crisis as 95 percent of COBOL ATMs at risk from AI disruption

IBM shares suffered their worst day in 25 years after Anthropic said its Claude Code tool could modernise COBOL – the language still behind 95% of US ATM transactions – in quarters rather than years, stoking fears AI will erode IBM’s mainframe business.

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