BANKERS WARN OF SOFTWARE DEBT CRISIS AHEAD

A panel of senior finance strategists convened at Bloomberg to address what one Barclays Capital executive called a need to "prepare for war" regarding accumulated software debt across industries. Software debt—the cost of aging, outdated, or poorly maintained code systems—has accumulated as companies prioritized rapid deployment over technical infrastructure. The financial sector views this as an emerging liability that could trigger significant disruption. The warning comes as Commerce Secretary Gina Raimondo emphasized the need for broader preparedness around the AI transition. Raimondo stressed that the US must lead the global AI race while preparing its workforce for market shifts ahead. Both discussions highlight mounting pressure on organizations to address technical infrastructure while navigating rapid technological change. Industry experts suggest proactive investment in modernization now could prevent costlier failures later.