Bank of America has bucked the Wall Street trend by building its own private cloud software rather than outsourcing to companies like Amazon, Microsoft, and Google. From a report: The investment, including a $350 million charge in 2017, hasn’t been cheap, but it has had a striking payoff, CEO Brian Moynihan said during the company’s third-quarter earnings call. He said the decision helped reduce the firm’s servers to 70,000 from 200,000 and its data centers to 23 from 60, and it has resulted in $2 billion in annual infrastructure savings.

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Source: Slashdot – Bank of America Says It Saves Billion Per Year By Ignoring Amazon and Microsoft and Building Its Own Cloud Instead