Dec. 1, 2021, 10:13 a.m. EST

Goldman Offers Cloud Service to Investors

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Dec 01, 2021 (Baystreet.ca via COMTEX) -- Goldman Sachs /zigman2/quotes/209237603/composite GS -6.97% is getting into the cloud computing business.

The bank is opening up access to its trove of market data and software tools to hedge funds and asset managers in an offering designed with Amazon's /zigman2/quotes/210331248/composite AMZN -1.99% cloud division, media reports out this morning are saying.

The move, the result of a two-year collaboration with AWS, puts 152-year-old Goldman in the unusual position of being a provider of cloud services for Wall Street, according to executives at the two firms.

It's part of Goldman CEO David Solomon's push to use technology to better serve clients of the firm's markets division, a trading juggernaut that has helped drive the firm's results this year.

The new service, called GS Financial Cloud for Data with Amazon Web Services, will help asset managers save time by allowing their developers to focus efforts on trades, rather than spending time wrangling data sets and leaning on a patchwork of legacy software to analyze them, the companies said. It will also ""ower the barriers to entry" for firms to use advanced quantitative trading techniques, Goldman said.

A hedge fund client who wanted to chart the correlation between a stock and currency exchange rates, for instance, could take months to assemble and clean the data and perform calculations with it. Instead, by building applications atop data feeds and analytic tools that Goldman itself uses, the analysis can be done in minutes.

Shares in GS sprang $6.73, or 1.8%, to $385.72, while those for AMZN jumped 33 dollars to $3,540.07

COMTEX_398089762/2559/2021-12-01T10:12:54

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/209237603/composite
US : U.S.: NYSE
$ 354.40
-26.54 -6.97%
Volume: 13.11M
Jan. 18, 2022 4:00p
P/E Ratio
5.85
Dividend Yield
2.26%
Market Cap
$127.54 billion
Rev. per Employee
$1.60M
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/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 3,178.35
-64.41 -1.99%
Volume: 3.36M
Jan. 18, 2022 4:00p
P/E Ratio
62.15
Dividend Yield
N/A
Market Cap
$1644.56 billion
Rev. per Employee
$352,824
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