US banks create cool technology, and realise it can be sold

New York

BIG Wall Street banks, after spending massive amounts of money and time to get their old, creaking systems in better shape, are now trying to sell technology they have developed in-house to other companies.

US banks including Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co are spinning out or selling a range of tools that pertain to data security, mobile applications and "systems integration", the process of flattening layers of ageing technology.

So far, the banks are not making much money from these efforts, especially compare…