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Bank of America's CEO says it's saved $2B per year by building its own cloud

businessinsider.com

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Re: Bank of America's CEO says it's saved $2B per year by building its own cloud

#171

Post by cosmodisk »

segmondy wrote: post #165
stiray wrote: post #26

Earlier quoted context omitted.

...but they are also acumulating know how which they might be able to sell in decades to come. Even more if the scenario of mainframes, IBM software, Oracle databases,... will happen and sooner or later I believe it will. Currently cloud providers are operating on absolute minimum, to get as much customers as possible into their trap. And for sure, it is highly beneficial for startups that cant afford to buy on premi…

I think Bezos is even colder than Ellison, it's going to be sad and hilarious when he decides to put the squeeze on those running on the cloud.

A good chunk of the internet is already running just because Bezos alows it that way. The prices will go up substantially the day Lauren Sanchez walks away with his billions.

Re: Bank of America's CEO says it's saved $2B per year by building its own cloud

#172

Post by mherrmann »

kevstev wrote: post #166
doovd wrote: post #163

Earlier quoted context omitted.

250,000 engineers at JPMorgan.

There are ~250k employees at JP Morgan, not engineers. https://en.wikipedia.org/wiki/JPMorgan_Chase

s/employee/engineer/2

(Note the 2.)

Re: Bank of America's CEO says it's saved $2B per year by building its own cloud

#173

Post by KaiserPro »

I used to work at a very large financial publishing company.

I joined just at the point where they were moving from VMware to AWS.

It was never a cost saving exercise. It was a way to completely change the culture of the IT department. As they were one of the very first news websites, they had at the time ~18 years of cruft to deal with.

The drive to the cloud was about flexibility, and if we are honest, shaking the staffing tree to get rid of the ossified staff.

They went from three data centres (mixture of SUN and Intel blades all backed by FC) to pure AWS/heroku. The running costs went up significantly, the opex was close to £3mil in AWS bills alone, all to put text on a web page.

It will continue to rise because it offers flexibility, and as each product now has its own account, standards are difficult to enforce. This means lots of snowflake installs of X that are now critical to Y.

The cloud is more expensive for large companies, for most workloads. For SMEs its the total opposite.

Re: Bank of America's CEO says it's saved $2B per year by building its own cloud

#174

Post by gowld »

ITT: people who didn't read the article and believed the false headline that Business Insider made up.

The 3rd sentence of the article, in bold, explains that the savings were from consolidating on-prem hardware, not from eschewing external cloud.

The article cites BofA itself at sayignthat savigns vs external cloud is tenuous at best:

> Right now, the bank estimates its private cloud is 25 to 30% cheaper than public providers, though it also recognizes that probably won't last forever. Still, the company believes the architecture it has built will give it leverage in negotiating contracts with these companies

Re: Bank of America's CEO says it's saved $2B per year by building its own cloud

#175

Post by brokensegue »

theincredulousk wrote: post #136
swedish_mafia wrote: post #85

Can anyone who has worked on Bank of America comment on if any of the things they build actually worked?

This must be a jab, but obviously yes. Last year they had $28 billion in net income. With that kind of money you can hire the best in the world to build literally whatever you want. They could go build a space shuttle if they felt like it - probably without much trouble. In the unlikely situation that it didn't work, they'd pay someone else to fix it or re-do it. The least likely (albeit not unprecedented) end situat…

Boeing can't even make an airplane without trouble and you think BoA could churn out a space shuttle? The space shuttle program was estimated to have cost $200B.

Re: Bank of America's CEO says it's saved $2B per year by building its own cloud

#176

Post by cpeterso »

KaiserPro wrote: post #173

I used to work at a very large financial publishing company. I joined just at the point where they were moving from VMware to AWS. It was never a cost saving exercise. It was a way to completely change the culture of the IT department. As they were one of the very first news websites, they had at the time ~18 years of cruft to deal with. The drive to the cloud was about flexibility, and if we are honest, shaking the…

> mixture of SUN and Intel blades all backed by FC

What is FC?

Re: Bank of America's CEO says it's saved $2B per year by building its own cloud

#177

Post by brokensegue »

shrubble wrote: post #99
api wrote: post #18

Earlier quoted context omitted.

Nobody ever got fired for using AWS.

I am not at liberty to say the company name, but i do directly know of one person at a director level who was fired for using AWS. They turned on encryption for an option and did not realize the huge price difference between the encrypted and unencrypted option meant $9000 per day in additional charges. After 1 month (30 days) this came to light, and he was fired.

that's not what people mean by the phrase "Nobody ever got fired for using AWS." http://wiki.c2.com/?NobodyEverGotFiredForBuyingMicrosoft

Re: Bank of America's CEO says it's saved $2B per year by building its own cloud

#178

Post by cm2187 »

All the flexibility that the cloud offers is wasted on a large bank. I remember one of the selling points of cloud computing for developpers is that it takes months to provision a physical server in a large organisation. With [enter cloud name here] a developper can create a VM in only a few minutes!

Well, enters a typical bank bureaucracy, cost controls, approvals, etc. And now we are back to taking months to provision a VM!

Re: Bank of America's CEO says it's saved $2B per year by building its own cloud

#179

Post by downandout »

adventured wrote: post #2

Outline: https://outline.com/nDEM3d

People seem to be posting hard-paywalled links more and more around here. They were supposed to be banned, but I guess the rules are selectively enforced by @dang here nowadays. The link to the article should be changed to this Outline link.
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