JPMorgan, Goldman Order Software ‘Code Freezes’ Around Election

Top banks, including JPMorgan Chase and Goldman Sachs, are battening down their technology hatches for next week’s presidential election. From a report (paywalled): Around next Tuesday, the final day of voting, JPMorgan and Goldman will both halt software updates to the retail and investment banking systems their customers use to manage accounts, The Information has learned. It’s a precaution intended to minimize the risk of outages of their services during a period of potential market volatility surrounding the election. Banks have good reason to institute these software code “freezes.” Faulty software updates are one of the main culprits behind online service outages. While suspending software updates is common for banks during times of heightened market volatility, this year’s election could be especially turbulent, with wide fears over civil unrest and contested election results.