- IBM (IBM +0.2%) announces developing a financial services-ready public cloud and names Bank of America (BAC) as its first collaborator.
- The public platform is designed to meet the regulatory, security, and resiliency standards required in the industry.
- IBM and Red Hat have long had ties to the financial industry, but competitors Microsoft and Amazon have increasingly courted those customers.
- The massive Capital One data breach focused the attention of Washington on banks relying on third-party cloud providers.