A senior partner at Goldman Sachs has warned of the risks attached to the large number of banks using the same cloud-based technology providers.

A raft of tier-one banks, including Citigroup, JPMorgan and HSBC, rely on Amazon's cloud storage system, as do the Financial Conduct Authority and the Financial Industry Regulatory Authority. This has sparked concerns that the industry has concentrated too much of its resources in a small number of providers and that a major collapse or hack could wreak havoc.