IBM lures banks’ critical workloads to financial cloud as ‘threat’ from big tech looms large

Having signed a trio of new banks to its financial services-specific cloud, the computing giant is betting on cutting-edge technologies like confidential computing to entice banks threatened by big tech firms.

cloud

The biggest threat facing the investment banking industry today isn’t coming from regulators, other types of financial firms, or activist investor movements, but rather from its suppliers—big tech and fintech companies, according to Likhit Wagle, general manager of global banking and financial markets at IBM. And to fend off that threat, big banks will need to behave more like big tech, and in particular increase their agility by making more use of public cloud resources.

“Those businesses are

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