In July, the Bank for International Settlements said that the financial sector’s increased reliance on cloud computing was “forming single points of failure” and “creating new forms of concentration risk at the technology services level”. This was a reference to the fact that the vast majority of financial institutions use cloud computing services from the same major providers. Bank of England research in 2020 found that more than 65 per cent of UK-based banks and insurers relied on just four cloud services. Read More...
Reuters
Meta will begin laying off employees on Wednesday morning – WSJ
Zuckerberg appeared downcast in Tuesday’s meeting and said he was accountable for the company’s missteps and his overoptimism about growth had led to overstaffing, the report added, citing people familiar with the matter. He described broad cuts and specifically mentioned the recruiting and business teams as among those facing layoffs, the report said, adding an internal announcement of the company’s layoff plans is expected around 6 a.m. Eastern time on Wednesday. Meta’s head of human resources, Lori Goler, said employees who lose their jobs will be provided with at least four months of salary as severance, the WSJ reported, citing people familiar with the matter.
