Investment bank Jefferies reduces compliance costs with Bloomberg Vault cloud archiving

Investment bank Jefferies Global is using Bloomberg Vault to help reduce the costs of managing its archived enterprise communication data.

The US company has 3,800 employees in over 30 cities worldwide, including 950 staff at its European headquarters in London.

The company recently replaced its legacy archiving and e-discovery platform with Bloomberg Vault to help improve management of communication information, as the cost of meeting regulatory demands around data reporting increases. Companies such as Jefferies are required to record a growing list of pre- and post-trade communications data, including email, voice, social media, instant messages and mobile data.

The implementation of the cloud-based Bloomberg Vault archiving and e-discovery system, delivered as a managed service, will allow Jefferies to conduct data searches across its geographical locations, the bank said. It will also enable the firm to consolidate several on-premise data archives, which will in turn reduce data centre, software and hardware costs.

“We selected Bloomberg Vault as our enterprise-wide archiving and e-discovery platform after reviewing available options and performance testing,” said Hany Doss, senior vice president of technology at Jefferies.

“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 realise meaningful operational savings from Bloomberg Vault in the coming years.”

Copyright © 2013 IDG Communications, Inc.

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