Since October 2015, Credit Suisse has regularly discussed the progress of its cloud migration strategy on earnings calls. J.P. Morgan, on the other hand, mentioned the technology for the first time in April 2019.
The world’s most regulated businesses — from the healthcare industry to the energy sector — are increasingly adopting public cloud services from tech giants like Amazon, Microsoft, and Google.
In fact, public cloud service revenue is expected to exceed $206B in 2019 — up 17% from an estimated $176B in 2018.
While there are inherent risks in using third-party infrastructure to store sensitive data and support mission-critical applications, the advantages of the cloud are undeniable.
Even highly regulated spaces, like the financial services market, have turned to cloud computing as a way to lower infrastructure costs, accelerate software deployment, and increase operational flexibility.
Using the CB Insights Earnings Transcripts tool, we identified 7 (of 9) bulge bracket banks discussing cloud technology on earnings calls.
(Bulge bracket banks — or top global investment banks — mentioned in our analysis include: Credit Suisse, Morgan Stanley, Goldman Sachs, Deutsche Bank, Bank of America, Barclays, J.P. Morgan, UBS, and Citi.)
Which bulge bracket banks are discussing the cloud the most?
Credit Suisse has discussed the cloud far more than its bulge bracket peers, mentioning the technology 9 times since the end of 2015.
While the majority of bulge bracket banks have referenced the technology in recent years, Citi and UBS have not. J.P. Morgan, the worlds largest bank (larger than most bulge bracket banks combined), mentioned cloud for the first time on its most recent April 2019 earnings call.