JPMorgan, Goldman to halt software updates around U.S. election to minimize outages

(Reuters) – JPMorgan Chase & Co and Goldman Sachs Group Inc will halt software updates to its retail and investment banking systems that customers use to manage accounts, around the Nov. 3 U.S. presidential election, the banks said on Thursday.

The Information had reported earlier on Thursday about the banks’ move.

“We plan and implement code freezes periodically throughout the year to coincide with times of increased market activity,” Patrick Lenihan, a Goldman Sachs spokesperson said, adding that a code freeze is instituted around every election.

Meanwhile, a JPMorgan spokesperson confirmed the report by The Information, but did not elaborate further.

The digital media firm’s report also said the move was a preventive measure intended to minimize the risk of outages of their services during a period of potential market volatility surrounding the election.

JPMorgan’s technology leadership team had recently told its technology staff that it will halt all software

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Goldman Sachs and JPMorgan will freeze software updates around the US election to minimize service outages, report says



a close up of a computer: Brendan McDermid/Reuters


© Brendan McDermid/Reuters
Brendan McDermid/Reuters

  • Goldman Sachs and JPMorgan have ordered halts to software updates around next week’s election to avoid service outages for customers, the Information reported.
  • The precautionary step is common during periods of heightened market volatility. This year’s election is expected to be particularly turbulent.
  • JPMorgan executed code freezes during the 2016 US presidential election when Donald Trump won, the 2019 UK general election, and when Brexit came into force this year. 
  • Visit Business Insider’s homepage for more stories.

Goldman Sachs and JPMorgan will freeze software updates to their retail and investment banking systems around next week’s US presidential election on Tuesday to minimize outages, the Information reported.

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Bank customers who use these systems to manage their accounts will not be interrupted by any software updates on Tuesday, the final day of the presidential vote.

The planned move, also known as software code “freezes,” is

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Bitcoin has ‘considerable’ upside as it better competes with gold as alternative currency, JPMorgan says



Reuters / Dado Ruvic


© Reuters / Dado Ruvic
Reuters / Dado Ruvic

  • Bitcoin has “considerable” upside in the long-term as it better competes with gold as an alternative currency, JPMorgan said in a note on Friday.
  • With millenials set to become a more important market participant over the next few decades, their favorability towards bitcoin over gold should set up the cryptocurrency for success, according to JPMorgan.
  • But bitcoin still represents only a paltry sum of the gold market, and the cryptocurrency would have to surge 10x from current levels to match the same value of the physical gold market.
  • “Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price from here,” JPMorgan said.
  • Visit Business Insider’s homepage for more stories.

Bitcoin’s 2020 surge could be set to continue as the digital cryptocurrency better competes with gold as an

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Bitcoin has ‘considerable’ upside as it better competes with gold as alternative currency, JPMorgan says | Currency News | Financial and Business News


  • Bitcoin has “considerable” upside in the long-term as it better competes with gold as an alternative currency, JPMorgan said in a note on Friday.
  • With millenials set to become a more important market participant over the next few decades, their favorability towards bitcoin over gold should set up the cryptocurrency for success, according to JPMorgan.
  • But bitcoin still represents only a paltry sum of the gold market, and the cryptocurrency would have to surge 10x from current levels to match the same value of the physical gold market.
  • “Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price from here,” JPMorgan said.
  • Visit Business Insider’s homepage for more stories.

Bitcoin’s 2020 surge could be set to continue as the digital cryptocurrency better competes with gold as an “alternative” currency, JPMorgan said

Read More