CBA (ASX:CBA) share price slides as bank is awarded for rapid cloud migration

Companies are turning to cloud storage for increasingly larger amounts of data.
The post CBA (ASX:CBA) share price slides as bank is awarded for rapid cloud migration appeared first on The Motley Fool Australia. –

The Commonwealth Bank of Australia (ASX: CBA) share price is sliding today, down 2.62% to $102.74 per share.

It’s not just the CBA share price in the red, though.

The S&P/ASX 200 Index (ASX: XJO) gave up its earlier gains around lunchtime and is currently down 0.69%.

The other big 4 banks are all losing ground today as well. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price, as one example, is down 1.08%.

That’s today’s share movements.

Moving ahead, in news that’s unlikely to have any material impact on the CBA share price today, the bank this morning reported on the record pace of its migration to the cloud.

CommBank embraces cloud technology

CommBank reported that its rapid pace of digital transformation and adoption of cloud technology saw it take home the 2021 Digital Transformation award at the VMware Customer Excellence Awards.

The bank said it has now migrated more than 2,300 virtual machines to the public cloud. According to the release, it’s now operating the largest “VMWare cloud environment” across all of Asia–Pacific and Japan.

Commenting on the transition to cloud technology, Mark Vudrag, CommBank’s executive general manager of global technology services, said:

We know digital engagement is a key differentiator for us to remain connected and relevant for our customers. We’re always looking for ways to use the latest technology to modernise our systems and our thinking so we can truly re-imagine our products and services for our customers.

Vudrag added that, “At every step we implemented lessons learned and continued to make sure our cloud operations always remain safe, sound and secure and that we’re building a fit for purpose solution for the bank of tomorrow.”

CBA share price snapshot

Despite sliding today, the CBA share price has been a strong performer in 2021, up 22% year to date. By comparison, the ASX 200 is up 7.65% year to date.

Over the past month, CBA shares have gained a slender 0.59%, compared to a 4.45% loss for the ASX 200.

The post CBA (ASX:CBA) share price slides as bank is awarded for rapid cloud migration appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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