June 6, 2023

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Bank of America has yet to move a significant amount of its infrastructure to the public cloud, as it feels pricing from public cloud providers is still too high. The cost of the bank running services on its private cloud is 30% cheaper than what the leading public cloud providers can offer, Howard Boville, Bank of America’s chief technology officer, told Business Insider.  Currently, Bank of America does some one-off complex calculations and model testing in the cloud as part of what Boville called controlled experiments.  While the majority of Wall Street banks are starting to emerge as potential major customers of public cloud businesses like Google, Amazon and Microsoft, one large bank has remained noticeably absent. Bank of America has by and large resisted the growing trend amongst many big banks that includes moving at least part of their infrastructure to shared servers. As many on Wall Street have begun to develop strategies for how best to work with the three main public cloud providers, Bank of America has instead focused its efforts on migrating its computing infrastructure to its private cloud, a journey that began in 2013. Often, security concerns and regulatory issues are cited as reasons why banks…

Read more here: 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

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