Bank opts for cloud-based archiving and compliance

Jefferies Group, a global investment bank, has adopted new technology for enterprise information management. The bank has implemented Bloomberg Vault, a cloud-based archiving, e-discovery and compliance service solution. The new system will archive a broad range of enterprise communications, including e-mail, instant messages, mobile and Bloomberg communication for Jefferies globally.

Hany Doss, senior VP of technology for Jefferies, says, “We selected Bloomberg Vault as our enterprisewide archiving and e-discovery platform after reviewing available options and performance testing. Bloomberg has been a great partner as we transitioned from our legacy systems to the Bloomberg Vault service. The search and retrieval across the consolidated archive offers a major improvement for our employees, as well as the e-discovery and IT teams. We will realize meaningful operational savings from Bloomberg Vault in the coming years.”

Jefferies turned to Bloomberg as a provider of news, data and analytics to the firm’s global investment professionals. Bloomberg reports that Jefferies determined that Vault would support scalable real-time ingestion, archiving and search of communications data across the globe. Jefferies also found that the solution could support many concurrent investigations to meet legal and regulatory demands.

According to Bloomberg, the adoption of its Vault service has enabled Jefferies to initiate the consolidation of several onsite data archives, which will reduce data center, software and hardware costs.

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