Bank of America Feels Public Cloud Pricing Still Too High

Most of Wall Street’s biggest banks have started moving most of their infrastructure to the public cloud but Bank of America still feels prices are too high; the bank’s CTO explains to Business Insider that prices for running services on their private cloud are 30 percent cheaper than public cloud providers; the Bank has performed some testing and experiments but they have yet to move any significant portion of their business; “We’re just waiting for the value play for our shareholders to kick in and allow us to do that,” Bank of American CTO Howard Boville said to Business Insider. “There needs to be a neighborhood we want to live in at the right economics.” Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.