Insights

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.

Should you invest $1,000 in CBA right now?

Before you consider CBA, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and CBA wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

ASX 200 bank shares fall flat amid flurry of new regulations

Travel stocks soar. Hopes for a new COVID treatment. Evergrande drags on. Scott Phillips on Nine’s Late News

CBA (ASX:CBA) share price in focus amid Aussie banking first
Why the ANZ (ASX:ANZ) share price has lagged the ASX 200
CBA (ASX:CBA) share price jumps following $6 bn share buy back completion

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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!