Wells Fargo is set to adopt a multi-cloud strategy and partner with Google and Microsoft for public cloud services.

The Wall Street firm said it will combine third-party data centres with cloud services from Microsoft Azure and Amazon AWS, as part of wider digital transformation plans.

Microsoft Azure is set to handle compute and cloud infrastructure for critical workloads according to the bank, while Google Cloud will be used for complex workloads including artificial intelligence, machine learning, and big data.

Wells Fargo said its “longer-term aspirations are to rely predominantly on public cloud”.

Almost nine in ten – 88 per cent - of financial services institutions without a multi-cloud strategy are considering adopting one in the next 12 months, according to August research from Google Cloud.

However, only 17 per cent of financial services institutions currently employ multi-cloud as part of their primary computing infrastructures, according to Google’s study.

Victoria Saporta, executive director for prudential supervision at the BoE, called maintaining the continuity of the cloud services banks rely on "a big topic both within the UK and internationally".

Saporta recommended a “global approach” to maintaining the resilience of cloud services at an event held by the Institute of International Finance reported by Reuters.

“Launching our new digital infrastructure strategy is a critical step in our multiyear journey to transform Wells Fargo, making it easier for customers to do business with us and creating a better working experience for our employees,” said Saul Van Beurden, Wells Fargo’s head of technology. “The Wells Fargo of tomorrow will be digital-first and offer easier-to-use products and services, and all of that starts with driving speed, scalability, and enhanced user experience through the next generation digital infrastructure strategy we’re announcing today.”

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