Goldman Sachs is migrating production of its securities database, Goldman Sachs Marquee, to Amazon Web Services, David Solomon, the bank's CEO, told an audience Tuesday at AWS's annual re:Invent conference in Las Vegas. Goldman Sachs is set to deliver new products and services to clients directly on the platform starting next year.
Goldman Sachs has not unveiled a cloud strategy focused on one provider, as other financial services companies have, but it continues to expound AWS's security and capabilities. The bank named Marco Argenti, the former vice president of technology at AWS, as its partner and co-chief information officer in September.
AWS's cloud platform has come under fire in recent months for its connection to a breach unveiled in July that exposed the personal data of up to 106 million Capital One customers.
The partnership between Goldman Sachs and AWS is evolving. The bank works with a few cloud providers, but Solomon credited AWS as "the first because [of] their immense capabilities and the astounding pace of their innovation."
The vote of confidence could serve as a major boost for AWS, a company lawmakers singled out — along with Microsoft Azure and Google Cloud — for consideration as "systemically important" because of their role in protecting financial data.
Former AWS employee Paige "erratic" Thompson is accused of exploiting a "Server-Side Request Forgery" vulnerability to gain access to data from Capital One customers who applied for credit cards between 2005 and 2019.
The onus of the security gaps falls on Capital One — and the bank's chief information security officer (CISO) has since moved to another role. But AWS has pledged to "redouble" its efforts to help customers adjust their "permissive permissions" to a low level, according to that company's CISO, Stephen Schmidt. Capital One in September reiterated that it was "all in" on its cloud computing strategy.
Cloud technology allows Goldman Sachs to do its job simply while accounting for the complexities of financial services. The cloud also ensures work is "safe, secure and responsible," Solomon said, adding that Goldman's goal is to be companies' "first choice to provide services that enable you to build financial functionality directly into your applications and workflows."
Working with AWS, Goldman Sachs wants to boost the simplicity of financial technology, evolving the "powerful and fast" capabilities of the sector to adapt to the "elegance and simplicity" of consumer-oriented and high-tech capabilities.
Goldman's pitch toward usability and developer-friendly technology — which was preceded Tuesday by a 15-minute music set featuring Solomon as the DJ — was not Goldman Sachs' first time at re:Invent. In 2017, the bank illustrated how it was working with AWS on its key management services for increased data privacy.