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> I think everybody knows that who has been reasonably close to people actually leading these institutes. Look at GS, MS or the rest - the CEOs and other top ma

> I think everybody knows that who has been reasonably close to people actually leading these institutes. Look at GS, MS or the rest - the CEOs and other top managers are many times coming from the government, and in many cases, ending up in government. This doesn't disprove the author's point. The author is pointing out that a lot of technological innovation (eg - ' such as application programming interfaces') is churning inside of banks with no notice to the general public. This point is completely removed from politics and CEOs. The article just points out that there is a lot of software development within banks.

sz4kerto 13y ago
> This point is completely removed from politics and CEOs No, it's not. I happened to see the biggest investment banks' technology departments from the inside (i.e. I worked on very core technologies), and this statements is just simply false. Yes, there's a lot of software development going on, but it's quite a slow-moving animal. They _used to have_ a lot of cutting-edge stuff, but nowadays most of these are superceded by better engineered implementations available to the public. And this is a big struggle for them, the more they've invested in proprietary IT decades ago, the more money they made with it around the late 90's, and the more difficult it is now to move towards industry standards.
- mimiflynn 13y ago
  I've been working at banks and financial institutions for years, and am currently working at a large investment bank and do not agree with you. Yes, these large institutions have to support older technologies, but they are still creating innovations in the way the author suggests. There are several products out there available to the public that are better than what some banks are putting out, but the products banks are making for their core clients that aren't the general public as very good and relevant to those niche users.

sz4kerto 13y ago

> This point is completely removed from politics and CEOs No, it's not. I happened to see the biggest investment banks' technology departments from the inside (i.e. I worked on very core technologies), and this statements is just simply false. Yes, there's a lot of software development going on, but it's quite a slow-moving animal. They _used to have_ a lot of cutting-edge stuff, but nowadays most of these are superceded by better engineered implementations available to the public. And this is a big struggle for them, the more they've invested in proprietary IT decades ago, the more money they made with it around the late 90's, and the more difficult it is now to move towards industry standards.

mimiflynn 13y ago
I've been working at banks and financial institutions for years, and am currently working at a large investment bank and do not agree with you. Yes, these large institutions have to support older technologies, but they are still creating innovations in the way the author suggests. There are several products out there available to the public that are better than what some banks are putting out, but the products banks are making for their core clients that aren't the general public as very good and relevant to those niche users.