Execs at Financial Firms Offer Their Take on Containers
Goldman Sachs and Bank of America Merrill Lynch tech executives talk about how they're using containers and why cost savings is not the primary driver.NEW YORK—Few, if any, industry verticals consume and spend as much on technology as the financial services community. At a panel session during the Tectonic Summit here, executives from Goldman Sachs and Bank of America Merrill Lynch discussed the opportunities they see with container usage. For Goldman Sachs, which has been evaluating cloud technology for the past six years, the goal with the cloud is to get its 8,000 application developers to be more productive, said J Ram, global head of cloud platforms at Goldman Sachs. "For us in the six year journey, we now have approximately 85 percent of our computing assets in a cloud framework," Ram said, adding that he's excited about containers, which help push forward cloud adoption in an industry-standard way. Bank of America Merrill Lynch has grown from acquisitions and mergers, which have brought about diverse technology and operational challenges. For Bank of America, cloud and container use are part of a larger plan to simplify and improve the operational control and compliance needs of the company, said Ryan Thomas, head of architecture and technology strategy at Bank of America Merrill Lynch. While cloud use for both financial services firms is helpful in reducing costs, container use is not being driven by cost factors. "It's not about cost reduction; it's about reinvesting the people and talent that we have," Thomas said about Bank of America's container strategy.
Container use at Goldman Sachs is not being driven by cost saving, Ram said, adding that he does expect to realize some savings over time.