Chicago bank finds public cloud ready for prime time

In the early 1930s Congress chartered a dozen federal loan banks across the country to help smaller banks provide liquidity for home loans. Today, the Federal Home Loan Bank of Chicago holds $ 70.7 billion in assets. And Eric Gieger, vice president of IT operations for the bank runs this financial institution from the cloud.

Just a few years ago it would have been rare to see financial institutions operating in the public IaaS cloud, but recently there have been more examples. Last year at Amazon’s re:Invent conference Capital One’s CIO Rob Alexander described how the bank is using Amazon’s cloud to host some of the company’s newest applications. Capital One and the FHLB of Chicago show that even the most risk-averse organizations are beginning to embrace public cloud computing.

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CIO Cloud Computing

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