The largest US bank by assets says it is thinking about cutting the cord, after decades of transmitting trades by phone line, and moving to an internet-based cloud system.
In particular, JP Morgan is in discussions to move its worldwide trading systems on to the cloud system maintained by startup Cloud9 Technologies, a company the gargantuan bank lent money to last year, the Wall Street Journal reports.
While major banks have thought about transitioning from phones to the cloud before, security concerns have held them back—financial firms are wary to allow employees to trade outside office walls due to the importance of maintaining confidentiality.
JP Morgan shares these concerns, and no contract has been signed yet. But don’t be surprised to see major banks cut the cords for good sometime soon—the flexibility and lower costs of the cloud may eventually be too good to turn down. [WSJ]
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