aws reinvent 2021
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Goldman Sachs is now in the cloud business, with help from AWS

GS Financial Cloud for Data with Amazon Web Services will help traders focus on trading and not data science.

Street signs

Goldman will offer a new cloud service for financial clients using its massive data sets

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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.

Tom Krazit

Tom Krazit ( @tomkrazit) is Protocol's enterprise editor, covering cloud computing and enterprise technology out of the Pacific Northwest. He has written and edited stories about the technology industry for almost two decades for publications such as IDG, CNET, paidContent, and GeekWire, and served as executive editor of Gigaom and Structure.

goldman sachsaws reinvent 2021
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