Goldman Sachs is deepening its relationship with Amazon Web Services, another sign of how acceptable the cloud is to the financial industry.

The two heavyweights announced last week that they are developing a data utility on the AWS cloud that will host market data for Goldman’s financial clients such as hedge funds. The investment bank already operates several large products entirely on AWS, including the Apple Card and its Marcus consumer banking business in the UK.

The effort is part of an emerging move by large banks to move more applications to the cloud. In September, JPMorgan Chase said it was planned to operate his private customer bank on a cloud-based system from Thought Machine. In 2020, Capital One Financial said it did has completed its migration all computers in the public cloud.

Such movements were not without incident. In 2019, Capital One fell victim to an a Data leak on AWS, which has disclosed personal information on 106 million customers.

On Tuesday, AWS suffered a five-hour …

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