A Global Financial Cloud Could be Transformational

Goldman Sachs Co-Chief Information Officer Marco Argenti sent a memo seen by Business Insider that details the potential of building a financial cloud; “Goldman Sachs is well-positioned to be the leader in creating and offering the first global ‘financial cloud’ to institutional, corporate and consumer clients,” Argenti wrote according to Business Insider. “That is an opportunity that can be transformational to the firm’s business for decades to come.”; Argenti was formerly with Amazon’s AWS team before joining the bank in October 2019 and knows the benefits of the cloud; Goldman sees a big opportunity to turn their internal engineering costs into revenue streams if they were to spin out services into a cloud for customer use; the company also sees an opportunity to turn the financial cloud into a business for other firms too purchase as it would be compliant with regulations and scalable. Business Insider