With a volatile market and many companies looking to reduce the amount of money they pay and increase efficiency, many Wall Street firms are starting to look at what cloud computing could bring them, according to Wall Street and Tech.

Darren Todesco, managing principal of innovation and strategy at Commonwealth Financial said his company has an enterprise private cloud to host the management platform of the firm. His firm, like many others on Wall Street, said it wants to manage its own destiny and have opted to go for the private cloud.

"We just trust ourselves when we deal with our clients' data and being the full cloud for our financial advisers," Tedesco says, adding that the tune could change in the future, but what the company is doing right now makes sense. "The cost benefit and risk analysis doesn't pan out for going to a third party at this point."

Rick Wright, head of KPMG's global cloud computing enablement initiative, told Network World that the decision to use a public or private cloud, or a combination of both, depends on service levels, what applications want to be moved to the cloud and how integrated the cloud needs to be. Wright said strict regulations, like that of Wall Street, will lead to the adoption of mostly private clouds, but eventually there will be a shift to hybrid cloud solutions.