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Jefferies Selects AWS to Optimize the Firm’s Global Operations and Accelerate Technological Innovation
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Jefferies has entered a four-year agreement with Amazon Web Services (AWS) to modernize its technology infrastructure by migrating to the cloud. This partnership will enhance the speed and quality of digital services provided to clients while increasing operational efficiency and cost advantages. Jefferies plans to train over 1,500 employees in cloud technology to accelerate adoption. The shift aims for cloud-native platforms to support more than 90% of new workloads, ultimately improving client outcomes and driving long-term growth.
Positive
Partnership with AWS expected to improve operational efficiencies and cost advantages.
Training program for over 1,500 employees to enhance cloud adoption.
Goal of cloud-native platforms supporting 90% of new workloads.
Negative
None.
NEW YORK & LONDON & HONG KONG--(BUSINESS WIRE)--
Jefferies announced today that it has entered a four-year agreement with Amazon Web Services (AWS) to further modernize the firm’s technology infrastructure by migrating its information technology (IT) infrastructure to the cloud. Jefferies will use AWS as its primary cloud infrastructure provider and move core business systems, internal and customer-facing applications, IT resources, and companywide data to AWS. The collaboration with AWS will significantly improve the speed, quality, and types of digital services that Jefferies can provide to clients and employees, while also enabling substantial development, operational efficiencies, and cost advantages.
Jefferies will leverage AWS’s cloud expertise, broad capabilities, and proven global infrastructure to automate existing processes and workflows, as well as to develop new products and improve existing services more quickly and efficiently. In addition to greater efficiency, scale, and agility, AWS will provide Jefferies with increased security and reliability.
Vikram Dewan, Chief Information Officer at Jefferies, commented, “The collaboration with AWS represents a transformational change and an opportunity for Jefferies to be at the forefront of integrating cloud computing. By shifting from an application development to an application assembly and integration model, as well as distributing cloud services firmwide, we will not only modernize our technology, we will drive business innovation. Our clients trust us to deliver the best technology and execution possible. And working with AWS will ensure our team is highly agile, leveraging technology to deliver faster and more customized market insights, and optimizing and automating data to drive better client outcomes.”
Matthew Larson, Chief Financial Officer at Jefferies, added, “We continue to meaningfully invest in our people, capabilities, and technology in select areas that we believe will accelerate further growth. Working alongside AWS enables us to use a more intelligent infrastructure, augment collaboration, and dramatically increase efficiency – all of which will drive long-term business growth to deliver best-in-class solutions for our clients.”
Jefferies has been working with AWS for several years and is expanding its work with plans to migrate all IT systems and enterprise data over the next four years. The goal is that cloud-native platforms will serve as the foundation for more than 90% of new modernized workloads at the firm.
In order to build cloud fluency across its organization, Jefferies will provide its entire IT organization, as well as its managing directors, with access to AWS Training and Certification’s comprehensive cloud training curriculum and resources. Over the next two years, Jefferies plans to train more than 1,500 technologists with this AWS program and will continue to train more employees to help speed cloud adoption and the development of new client-facing and internal capabilities.
“Jefferies is using AWS’s proven performance and unmatched portfolio of cloud services to deliver new insights and solutions for its global client base,” said Scott Mullins, General Manager, Worldwide Financial Services Business Development at AWS. “By building and running all its IT systems on AWS, Jefferies can enhance its customer experience and drive innovation across its digital services. We are excited to expand our relationship with Jefferies as the company transforms itself in the cloud.”
Jefferies (NYSE: JEF) is the largest independent, global, full-service investment banking firm headquartered in the U.S. Focused on serving clients for 60 years, Jefferies is a leader in providing insight, expertise and execution to investors, companies and governments. Our firm provides a full range of investment banking, advisory, sales and trading, research and wealth management services across all products in the Americas, Europe and Asia. Jefferies’ Leucadia Asset Management division is a growing alternative asset management platform.
