Some years back, I heard a claim made that 75% of the computing power in the world is doing MCMC at a bank or hedge fund. It wouldn't surprise me if BofA still has a lot of this, perhaps with some SGD replacing MCMC.
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given international footprint, diversity of the business, regulatory requirements and 60+ years of legacy (especially from multiple companies that have been merged over time) it seems almost unfathomable for me to have a holistic overview. Also, imagine the migration paths ...
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Yup - I was going to point out their legacy of acquisitions, esp Merrill Lynch and the international investment banking complexity that came with that.
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Risk is beefy.
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To be a fly on the wall of the meetings that helped move in this direction...
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The complex risk and trading stuff is easier to estimate than the legacy systems accumulated and aggregated over hundreds (thousands?) of mergers. I wonder why the error bars on that 200k estimate were like.
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Plus a lot of legacy systems probably
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Its customer service bots
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They went from 200K oranges to 70K apples. The cash saving is meaningful, the quantity of servers not so much.
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