It took Wall Street a long time to embrace cloud computing, but Goldman Sachs is making up for that delay in a big way, launching a new cloud service of its own for financial clients that was designed and built with help from AWS.
The two companies announced the Goldman Sachs Financial Cloud for Data with Amazon Web Services Tuesday during AWS CEO Adam Selipsky's first re:Invent keynote. “Clients of the firm will get access to our decades of experience and data aggregation that should enable them to enhance their business decisions, both from a speed and efficiency perspective,” David Solomon, CEO of Goldman Sachs, told CNBC.
Goldman Sachs has been a regular at AWS re:Invent keynotes over the last several years; Solomon, who moonlights as "DJ D-Sol," actually spun records ahead of former AWS CEO Andy Jassy's keynote in 2019 before later sitting down to talk about the cloud and financial services. Marco Argenti, Goldman's co-CIO, also worked at AWS for six years in several leadership roles before joining Goldman.
But the two companies are now partners in a new and different way, and it appears they've been working on this project for over a year. “If you take a step back, Goldman is not only a bank or a financial services provider: It’s now also a software company,” Selipsky told CNBC. Financial services companies were slow to trust the security and operating model of cloud computing, but almost all of them are embracing cloud services to at least some extent at this point.
Goldman and AWS did not provide details about how they'll share revenue from the service.