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Tech & Science Wall Street's year in the public cloud: we tracked how big banks are making strides in using the tech

16:28  14 december  2019
16:28  14 december  2019 Source:   businessinsider.com.au

Amazon faces U.S. antitrust scrutiny on cloud business: Bloomberg

  Amazon faces U.S. antitrust scrutiny on cloud business: Bloomberg Amazon faces U.S. antitrust scrutiny on cloud business: BloombergThe U.S. antitrust enforcers have been asking software companies about practices around Amazon's cloud unit Amazon Web Services, the report said.

Despite being the dominant equities shop on Wall Street , its electronic operations had become Using house money to facilitate bond trades—or principal risk-taking— was far more lucrative than In a sense, Morgan Stanley and Pick are reaping gains from a prescient bet made two decades earlier. In the following years , a battle would rage within Goldman about what to make of high-speed traders

So banks made sure most had at least some money in them, perhaps by depositing tiny sums, often out of the bank staff’ s own pockets. This article appeared in the Special report section of the print edition under the headline "Financial inclusion is making great strides ".

a close up of a horse: Some of Wall Street's biggest players made big moves regarding their public cloud strategy. Some of Wall Street's biggest players made big moves regarding their public cloud strategy.
  • Wall Street made big strides in 2019 towards increased usage of the public cloud.
  • From budgets and multi-cloud approaches to exchange's use of the public cloud and others hesitancy to dive in, we aggregated all our big stories on the topic.
  • Click here for more BI Prime stories.

Wall Street's relationship with the public cloud took a big step in 2019.

Other industries have already fully embraced the idea of moving their data and tools off physical servers and to servers managed by the likes of Amazon Web Services, Microsoft Azure and Google Cloud Platform. But thanks to fears and uncertainties around the security and resiliency of the tech, Wall Street's adoption of the public cloud has been a slow burn.

Amazon's AWS cloud business has reportedly come under scrutiny from the FTC as it looks into whether the company engaged in anti-competitive behaviour

  Amazon's AWS cloud business has reportedly come under scrutiny from the FTC as it looks into whether the company engaged in anti-competitive behaviour The Federal Trade Commission is now looking at Amazon's cloud business in addition to its retail business to see whether the company engaged in any anti-competitive behaviour, according to Bloomberg. As part of its scrutiny of Amazon Web Services, the FTC could look into whether Amazon is discriminating against companies that work with other cloud providers. The reportedly expanded look into Amazon's business practices comes as tech giants across the industry have come under scrutiny over the size and influence of their presence in the market. Visit Business Insider's homepage for more stories.

According to Deutsche Bank ' s report, public cloud adoption is "very small" among big banks . Though banks have been among the first to capitalize on But, I also believe we 'll see some banks move well beyond 30% in the near future, following FINRA (Financial Industry Regulatory Authority) which

Public profile. Two men speak on the corner of Carlos Gardel street at the start of carnival in Montevideo, Uruguay. Some of the world’ s poorest countries are making strides in reducing the gap between rich and poor, according to an index of inequality devised by Oxfam.

However, this year proved to be a big one for the duo, as banks showed an increased willingness to move more of their workloads over, culminating in November with one of the industry's longest holdouts announcing its intention to work with a new public cloud provider.

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Big tech and big banks are also similar in the opacity and complexity of their operations. The algorithmic use of data is like the complex Perhaps. But the idea that this should preclude any discussion of the effects of the technology sector on the public at large is simply arrogant.

Just like Wall Street before it lost its luster, the tech industry had become the destination of choice for the top college graduates. Admiration of the tech world has, in the wake of a growing list of scandals “Some in big tech are beginning to accept what we in banking learned some years ago

We've compiled our biggest stories detailing the relationship between Wall Street and the public cloud.

Some of Wall Street's biggest players discussed big plans around the public cloud

From moving workloads to opening new offices, Wall Street's growing acceptance of the public cloud was evident in the resources it was putting into the tech in 2019. We also spoke to tech executives about their strategy around what parts of their infrastructure they felt most comfortable transitioning.

PayPal is working to handle a chunk of its transactions on Google's public cloud for the first time. The payment giant's head of tech explains how that cuts costs and helps prepare for the holiday rush.

Goldman Sachs is putting its own Marquee app on Amazon's cloud in a pitch to lure more fintech developers

JPMorgan is building a cloud engineering hub in Seattle minutes away from Amazon and Microsoft, and it's planning to hire 50 staffers this year

ASX expected to open higher on trade hopes

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The headline is " Wall Street ' s Big Banks Are Waging an All-Out Technological Arms Race," and part of the thesis is that, especially in equities, banks are no longer in the business of using their balance sheets to profitably intermediate trades for clients

Wall Street is an eight-block-long street running roughly northwest to southeast from Broadway to South Street , at the East River, in the Financial District of Lower Manhattan in New York City.

TD Ameritrade's CEO explains how it's moving towards the public cloud, and why tech spend is 'the golden dollar'

Deutsche Bank just nabbed AQR's head of technology to help lead a $US15 billion push into digital with a focus on the cloud

Firms also began considering what was needed to have a multi-cloud strategy

As firms began to feel more at ease using the public cloud, they recognised a need to develop a more nuanced strategy for using the tech. One common goal was to be able to operate across multiple public clouds, often referred to as being "cloud agnostic."

Wall Street is finally willing to go to Amazon's, Google's, or Microsoft's cloud, but nobody can agree on the best way to do it: 'If you pick a favourite and you're wrong, you're fired'

JPMorgan has tapped buzzy startup Snowflake to help it solve one of the biggest issues firms face when moving to the cloud

Red-hot startup Snowflake is adding support for Google's cloud in an effort to meet Wall Street's demand

As always, a big concern for firms centered around how much to invest in the tech

While most banks believe a shift to the public cloud will lead to savings in the long term, short-term investment is still required to make the necessary changes. As a result, the resources put towards the tech has continued to climb.

How cloud-surfing 3,000 feet in the air helped Mike Zupanc capture the perfect photo

  How cloud-surfing 3,000 feet in the air helped Mike Zupanc capture the perfect photo Like a surfer on a wave, Mike Zupanc balances high in the sky on a glider while taking photos of cloud formations that many of us can only ever imagine seeing. The gliding enthusiast-turned-photographer's image of a morning glory cloud titled On Cloud Nine, will feature in the Bureau of Meteorology's (BOM) 2020 calendar."People surf waves and for hand gliders we do the same thing," he said."We use an engine to help us launch off with power then we get to where the wave is and switch the engine off and just ride the waves of the cloud.

The big banks are finishing what’ s on track to be the most profitable year ever, but the mood at the holiday party was restrained. Holiday spirits across Wall Street are being spoiled by anxiety that markets are getting uglier, frustration over the industry’ s own miserable stock prices and fears that a

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Wall Street plans to spend nearly half its IT budget on the public cloud in 2020. Here's where firms see the biggest benefits, and what's still holding them back.

Exchanges were the early adopters of the public cloud on Wall Street

As the central hub for trading, and home to massive amounts of data, exchanges pose an interesting use case for the public cloud. As a result, providers haven't wasted time trying to recruit them onto their public clouds.

Nasdaq's CEO just threw her support behind the cloud and said she hopes to eventually move the exchange there

Cboe's CEO is highlighting the limits of the cloud even as Nasdaq says it's on

board

Google Cloud and AWS see winning over exchanges as key to pitching Wall Street holdouts on the public cloud

However, some of the biggest players have resisted the tech

Despite the fanfare surrounding the public cloud, there have been those that are hesitant to adopt the new tech. Bank of America had arguably been the most notable holdout. However, the big bank announced late this year it had intentions to finally move some tools to the public cloud.

Bank of America is putting the finishing touches on a 7-year cloud journey its CTO says has saved the bank billions and improved customer interactions

Bank of America's CTO explains what's holding him back from moving to the public cloud, even as the rest of Wall Street gears up for the switch

Bank of America's CEO says that it's saved $US2 billion per year by ignoring Amazon and Microsoft and building its own cloud instead

IBM turned Wall Street's public cloud security fears into an opportunity to work with Bank of America on a new product. It's a bid to stand out from AWS, Google, and Microsoft.

A seasoned founder explains how to get into fintech, and what it takes for Silicon Valley to serve the big players of Wall Street .
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