A man passes a screen showing a visualisation of the internet on Telekom exhibition stand at CeBIT trade fair in Hannover. A screen showing a visualization of the internet at the CeBIT trade fair in Hannover. REUTERS/Nigel Treblin
Big Wall Street banks, after spending massive amounts of money and time to get their old, creaking systems in better shape, are now trying to sell technology they've developed in-house to other companies.
US banks including Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co are spinning out or selling a range of tools that pertain to data security, mobile applications and "systems integration," the process of flattening layers of aging technology.
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