Goldman Sachs to launch new products and services on Amazon's cloud

FILE PHOTO: The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., December 18, 2018. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) - Goldman Sachs Group Inc will be launching new technology-based products and services for its institutional clients on Amazon’s cloud next year, bank Chief Executive David Solomon said at a conference on Tuesday.

Solomon said new products on Marquee, the bank’s Web services platform, will run on Amazon Web Services.

In recent years the legendary Wall Street trading firm has invested millions in Marquee, which serves as the bank’s digital storefront for its trademark data and risk analysis tools.

Goldman has been gradually opening up Marquee’s tools to more clients, including many of whom already use Amazon’s cloud, Solomon said.

“Historically financial technology has been powerful and fast but it has lagged behind consumer and high tech in terms of elegance and simplicity,” Solomon said.

“It doesn’t have to be this way. We can do better but we’re not there yet.”

Reporting by Elizabeth Dilts; editing by Jonathan Oatis