State Street modernizing with cloud, Linux technologies

14.04.2011
says technology must evolve to meet the increasingly demanding needs of financial services, and within its own data centers is adopting new cloud-like technologies and placing a greater emphasis on and .

State Street CIO Chris Perretta says the Boston-based financial services company is moving many of its workloads from high-end proprietary Unix to commodity Linux boxes, and is increasingly embracing and automation tools to create a cloud-like infrastructure.

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The goal for State Street, which devotes 20% to 25% of its operating expenses to IT, is to create a more flexible infrastructure for providing application services and data access to clients, Perretta says.

The cost of hardware is not coming down fast enough to overcome State Street's growing need to buy new equipment, a "recipe for disaster," Perretta says in an interview. State Street released a this week called "The Evolving Role of Technology in Financial Services."

While financial services companies are typically wary of public cloud services such as Amazon's EC2, they can try to replicate the same kind of flexible provisioning of resources in-house.