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The Morning Download: J.P. Morgan CIO Says It’s Time to Move to Public Cloud

By Tom Loftus

 

Good morning. J.P. Morgan Chase & Co. today plans to move its first two applications to the public cloud, marking a significant milestone in corporate IT’s march beyond the data center. The bank is moving applications in wholesale trading to public cloud infrastructure with a third application in risk modeling expected to go live in April.

As Dana Deasy, the bank’s global CIO, tells CIO Journal’s Kim S. Nash, his staff was ready to explore the public cloud as early as 2014, but cloud providers at the time generally lacked “appropriate controls required in financial services for privacy and security.” The decision to go forward now comes after his technology team spent 2015 and 2016 assessing the capabilities and the economics of large public cloud vendors, as well as negotiating contracts.“Public cloud is serious,” he said. “It’s time to move.”

The two wholesale banking applications set to run on public cloud infrastructure manage trading transactions in a “large-scale and complex” environment, he said. The risk modeling application set to debut next month will make use of intensive computing power on demand, especially during high-volume periods, he said.

 

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